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Below is the Views on Daily Market Wrap Up By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
“After two days of decent rally, our market opened nervously as the fresh developments over coronavirus spooked traders across the globe. In addition, some macro data on the domestic front like the IIP and Inflation numbers disappointed to a great extent. All this combinedly weighed down on the market. Throughout the day, market remained under pressure; but fortunately the damage is not so big to get intimidated. The Nifty ended the session with a cut of nearly two tenths of a percent.
Although, banking space was the weakest link throughout the day, the overall structure for Nifty still remains bullish and if things does not aggravate with respect to ‘Coronavirus’, we expect the decline to get bought into. Technically speaking, previous hurdle of 12150 – 12100 is now likely to act as a strong support and on higher side, once we see Nifty surpassing 12200, the positivity is likely to trigger in the market. Hence, we continue with our ‘Buy on declines’ strategy and advise against creating shorts.
A positive take away from today’s session was the outperformance of few counters from the broader market. Traders should ideally identify such potential candidates to get better trading opportunities.”
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