Anniversary dates invariably lead to remarkable swings. Hence, recent congestion phase (10,600-11,100) appears to be entering a matured phase, Pritesh Mehta, Lead Technical Analyst, Institutional Equities, YES SECURITIES, said in an interview to Moneycontrol’s Kshitij Anand.Edited excerpts:Q) How do you see the week panning out—any important levels to watch out for? Will the Nifty stick to 11,000 and above?Close A) Price volatility resulted in huge swings on both sides in the last week’s trade. A roller-coaster ride eventually ensued a negative weekly return (down 0.7%). Some positive global cues helped the Nifty reclaim 11,000 levels towards the close of the trade on September 9, which is a positive sign.Pritesh MehtaSenior Vice President|YES Securities Nifty knocking on the door of resistance despite slowdown in broader marketsStay with outperformers including Bank Nifty, HDFC Bank & ICICI Bank: YES SecuritiesNifty finds respite with Thursday turnaround, but needs push from HDFC Bank, RIL for further upsideHowever, the volatility does not portray the real action on Dalal Street. Despite the massive 200+ points cut in September 3 session, it marked a higher bottom (as it managed to sustain above the recent bottom of 10,637) and staged a recovery thereafter, culminating in 98 points up move on September… Read full this story
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