09-08-2023 04:39 PM | Source: Angel One Ltd
Market Wrap-Up : Bulls on a roll; Nifty set for the 20K milestone Says Mr. Osho Krishan, Angel One Ltd.
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Below the "Market Wrap-Up" by Mr. Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.

                                                     Bulls on a roll; Nifty set for the 20K milestone

The bulls of D-Street have warmly welcomed the September month contract, with complete dominance in the last six trading sessions. The benchmark index Nifty50 witnessed a broader consolidation breakout, which brought back the cheer among the market participants. The entire week was action-packed, with counters from all the major spaces contributing to conquest over the slumber phase. Post the strong trading week, Nifty soared nearly 2 percent and made a remarkable comeback above the 19800 zone.

There have been several contributors to the recent rally, be it on the technical or the macro front. The recent entrants to the rally were the heavyweights and the high-beta index Bank Nifty, which took the leadership and is likely to pace momentum in the near term. The ongoing G20 summit has also provided the thrust to levitate market sentiments, adding to the bullish undertone. Technically, Nifty eyes the 20K milestone now, and with the ongoing momentum, it would be barely a task for the bulls to attain the mark. Also, keeping the view on consecutive rallies, one should not become complacent and patiently wait for dips to initiate fresh longs in the system. As far as levels are concerned, 19700 should now act as immediate support, followed by the sacrosanct support of 19600-19500 in the comparable period.

Hereon, the undertone seems upbeat with ‘Buy on Dip’ being the most suitable approach. Also, one must closely watch global developments alongside the domestic overview for the immediate trend setup. Meanwhile, sectoral rotation is quite evident with strong thematic moves, which one needs to gauge for an outperformance in the market.


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