Published on 6/05/2021 5:37:30 PM | Source: Angel Broking Ltd

Slowly and steadily market continues its upward march By Sameet Chavan, Angel Broking

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Below are Views On Slowly and steadily market continues its upward march By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

“Today morning the global set up was just ideal to have a gap up opening in the market and in fact, Nifty started the session slightly higher than what SGX Nifty was indicating. During the first half, index consolidated in a narrow range with no real momentum, but post the mid-session, we witnessed a good broad based participation to push the Nifty beyond 14700 on the weekly expiry session. Eventually, Nifty ended the session with over seven tenths of a percent gains.

Although, there was some sluggishness seen in the initial hours, market did not even challenged its first intraday support of 14550. In fact, 14600 acted as a sheet anchor and hence, there was sustained up move seen in the latter half to close inside the strong terrain. The way intraday price chart is positioned, there is a high probability that we may surpass the crucial hurdle of 14730 at the opening itself tomorrow. After this, 14818 – 14850 – 14900 are the levels to watch out for. On the flipside, 14650 followed by 14600 should be treated as intraday supports.

The key indices are slowly and steadily moving northwards; but individual stocks are attracting lot of buying interest. One should continue with a stock specific approach because the real action lies there only and thematic ideas are providing a fabulous trading opportunity. One of the notable observations is the development in ‘NIFTY MIDCAP’ index. Today, it has managed to surpass the higher boundary of the cluster of resistance by a small margin. Couple of follow up moves in this basket would provide the real impetus for the next leg of the rally. So all eyes on it now.”


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