Below is the Views On Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
“We started the session today marginally higher, owing to mixed global cues. However in the initial hour it self, Nifty started moving northwards. Around 10350, there was a brief pause seen in the following hour; but it merely turned out to be a breather as we witnessed a good broad based rally throughout the remaining part of the day. Eventually, Nifty managed to reclaim the 10400 mark on a closing basis.
After 3-4 days of lull period, we finally had some action in the market and fortunately it was on the bullish side, which is always a pleasant sight for the majority of market participants. Technically speaking, index managed to come out of its recent congestion zone after surpassing the sturdy wall of 10350-10360. We witnessed a series of higher highs higher lows on hourly chart and hence, the chart structure looks a bit encouraging. Looking at the overall set up, ideally we should make a move towards 10450-10500 in coming trading session. Any decline towards 10360-10320 should be interpreted as a buying opportunity.
Today, although it was a broad based rally, the banking and NBFC spaces were the major drivers and hence, the possibility of this upward rally getting extended is pretty high.”
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