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Below is Quote on Market Wrap Up by Mr. Rajesh Bhosale, at Angel One Ltd

Bulls continue their winning streak for the fifth consecutive session

The first session of GIFT NIFTY (formerly known as SGX NIFTY) had a strong start, which influenced the Nifty benchmark index to open with a gap up for the third consecutive time. Overall, the market sentiment remained positive, with trading activity mostly staying within a certain range. However, prices ended on a high note, registering a comfortable gain of 0.70% and closing above 19300.

The bullish trend continues as the winning streak extends for the fifth straight session. After a period of consolidation, the market has quickly surged by over 650 points since last Monday's low. This upward trend is expected to persist in the near future, as indicated by significant breakouts on higher timeframe charts. Nevertheless, due to the rapid surge in recent sessions, indicators are entering an overbought zone, and with prices deviating significantly from the 5EMA on the daily chart, there is a possibility of occasional dips or sideways consolidation. In such a scenario, it is advisable for traders to take some profits and view any dip as a buying opportunity. The immediate support level has shifted higher towards 19000, while the immediate reciprocal retracement targets come around 19440 – 19500 levels.

Individual stocks and thematic moves continue to display impressive movements. However, it is important to note that the ‘Low Hanging Fruits’ may have already been gone. Going forward, it is essential to avoid complacency and be selective in stock choices.