Sturdy wall remains at 10650: Angel Broking
We had a gap up opening today mainly on the back of sharp extended fall seen in Crude Oil last night. However, markets stuck at higher levels and after some consolidation, our markets shaved off all early morning gains. Eventually, Nifty went on to close convincingly below the 10600 mark.
Today, the opening was quite encouraging after yesterday’s smart recovery from lower levels. But once again, 10640 – 10650 acted as a sturdy wall and hence, our markets could not overcome it due to strong selling pressure in some of the heavyweight constituents. Now, for the coming session, 10650 becomes the stiff hurdle; whereas, on the lower side, 10540 – 10500 remains to be intraday support levels.
A move within this range becomes the no trade zone and hence, traders should avoid aggressive bets if Nifty continues with its consolidation mode. One needs to keep focusing on individual stocks and should ideally avoid taking undue risks.”