Some breather after an action packed day: Angel Broking
“Since last few days, traders’ fraternity across the globe was keeping a close eye on important development with respect to the BREXIT. However, it turned out be a nonevent as we saw no major reaction on the global front. This morning, our markets opened on a flat note and then consolidated in a slender range throughout the day to eventually conclude around the opening point with negligible gains.
Undoubtedly, no one would have expected such a lethargic day of trade, especially after yesterday’s massive bump up to surpass key near term hurdles. Since there was no movement during the day, the chart structure remains the same and hence, we continue with our optimistic stance. We can term it as a breather after a confirmation of ‘Bullish diamond’ pattern. We reiterate that, the Nifty is likely to head towards the next junction of 10970 first and then to test 11150. On the flipside, 10820 followed by 10777remain to be strong supports.
During the day, we did not witness any notable movers; but there were some encouraging signs seen in handful of stocks. Hence, till the time we see Nifty picking up the momentum again, one can remain focused on individual stocks in order to get better trading opportunities.”