Below is the Views On Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
“Today, despite sluggish cues on the domestic as well as global front, our markets started proceedings with an upside gap. In the initial trade, we saw minor dip in the market but this decline eventually got bought into. In fact, as the day progressed, Nifty continued its gradual move in the northward direction to end yet another day with decent gains.
Market continued it’s northward journey for the fifth consecutive session and within no time, we are very much at elevated levels from previous week’s low. In fact, the Nifty is at a kissing distance from the 10000 mark. We continue to remain upbeat as long as yesterday’s upward gap area remains intact. Before that, 9900 followed by 9820 should now act as an immediate support zone. On the flipside, a sustainable move beyond 10000 would unfold the rally towards 10100-10200 or beyond.
The recent rally is clearly propelled by the banking space, which is a sign of strength and genuineness. Apart from this, other pockets too have contributed on this occasion along with the broader market. Hence, one should concentrate more on individual stocks; because we might see some slowness or consolidation in indices going ahead.”
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