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Below is the Views On Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
“Since yesterday morning, markets across the globe were experiencing a strong bounce back and clearly we were not reacting in the similar fashion. Despite US markets posting a colossal overnight rally, we started the day marginally in the red today, which was mainly a hangover of PM Modi’s last evening announcement on country lockdown for 21 days. After initial hiccups, we finally joined hands with our global peers and a strong buying across the board thereafter pushed Nifty significantly higher to reclaim the 8300 mark.
In our previous article, we had mentioned how markets are hinting towards a possible rebound and it was very much overdue also after recent relentless fall. All markets across the globe were deeply oversold and hence, a decent bounce back was on cards. For the day, we were observing 8000 as a crucial hurdle. The moment index surpassed and stayed for few minutes, we saw strong bout of short covering thereafter to head towards the mentioned zone of 8200 - 8400. Now market has given the most awaited rebound, but traders should not get carried away by this. It may extend further also, but the uncertainty with respect to coronavirus is still looming over. Till the time it does not subside considerably, we should avoid aggressive bets in the market. At present, it’s advisable to take one step at a time and momentum traders should look to book profits on a regular basis.
For the coming session, 8150-8000 would be seen as sacrosanct support for the coming session; whereas on the higher side, 8450 - 8600 are the levels to watch. The highlight of today’s session was the stupendous relief rally from the banking space which has been the weakest link of late. Let see how it moves going ahead.”
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