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Below is Quote on Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

We kickstarted the session on a pleasant note today owing to favourable global cues. Without wasting much of a time, markets resumed their upward momentum in the initial trades to mark new high beyond 18900 on a sustainable basis. As the day progressed, lot of sectoral movers collectively pushed the Nifty towards the milestone of 19000. Since it was a monthly expiry session, the expiry factor played out its part towards the end as Nifty trimmed some gains to conclude the session tad below 19000 but firmly in the green by adding more than eight tenths of a percent to the bulls’ kitty.

The steppingstone was laid yesterday for this historical achievement. The recent laggard financial space became buoyant after HDFC twin’s merger news flow which was fuelled by the overnight rally in US bourses. We already had all the ingredients to clock new highs but was lacking some trigger. With reference to recent commentary, we were quite vocal on the possibility of this achievement soon. It’s finally a reality now and if global market supports further, we may see Nifty entering the next cluster around 19250 – 19500. Before this, 19050 – 19150 are the immediate levels tow watch out for. On the flipside, the base has now shifted higher towards 18700 – 18600 which should be considered as a sacrosanct support zone. On an immediate basis, 18850 – 18800 is likely to provide cushion in case of any intraday blip in the market. Traders are advised to stay upbeat and should focus on beaten down pockets now, which may offer better trading opportunities in next few days.

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