Below are Quote On Market Wrap Up By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
The day started slightly higher despite mixed global cues. In the initial trades, market had some tentativeness which resulted in a small downtick. However this didn’t last too long as the buyers latched on to this opportunity to not only reclaim the positive territory but also went on to surpass the sturdy wall of 15910 with some authority. There was no bigger extended move after this but Nifty managed to close at record highs by adding nearly half a percent to the bulls’ kitty.
There were several attempts made in last month or so to go pass the level of 15910; but every time markets were struggling to do this. Today, finally this level is breached and that too on a closing basis, bodes well for the bulls. Although the stellar move in IT basket initiated the up move in last couple of days, the real push from the financial space was needed to surpass the sturdy wall. In line with this, the BANKNIFTY managed to traverse 35810, which led to a breakout beyond 15910 for Nifty. The way we closed today, 16000 is merely a formality now. If there is no aberration on the global front, we are likely to continue this optimism. So let’s keep our fingers crossed and hope to reach the milestone in the forthcoming session only.
As far as supports are concerned, 15900 followed by 15850 are to be seen as immediate levels. For the forthcoming session, keep your eyes on the psychological level of 36000 for BANKNIFTY. The moment we stay beyond it, banking could easily start leading from the front.
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