Market Wrap Up : Market breadth turned positive, Nifty climbed to 19400 Says Mr. Osho Krishan, Angel One
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Below is the Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd
Market breadth turned positive, Nifty climbed to 19400
GIFT Nifty suggested a muted opening for our markets, taking cues from mixed Asian bourses and subdued US indices over the weekend. Mirroring this, the benchmark index started the session on a flat note but gradually gained momentum amid some choppy moves in the initial trading hour and levitated to 19400 subzone. The Nifty50 index managed to sustain higher grounds throughout the session and eventually concluded the day on a positive note, procuring 0.43 percent to settle at 19394 level.
Technically, there have been no significant changes in the chart structure as the index stayed within the consolidation zone of 20 DEMA and 50 DEMA. The broad-based buying emergence has certainly uplifted the broader sentiments; also, the resilience of not giving up easily on the technical support zone strikes the significance of a bullish undertone. On the levels front, 19300-19250 (50 DEMA) withhold the strong support zone, followed by the bullish gap at 19230-19200 in the comparable period. While on the higher end, 19480-19500 remains the daunting task for the bulls and a decisive breakthrough could only affirm some momentum in the index to set up near term trajectory.
The positive market breadth portrays a robust sentiment, with the IT & Metal sector being the primary benefactor to rejuvenated market sentiments. The global bourses are to be watched closely for the immediate trend setup while focusing on selective stock-centric moves for an outperformance. Meanwhile, the Midcap index is keeping up the pace and traders are advised to keep focusing on such thematic movers for the time being.
Above views are of the author and not of the website kindly read disclaimer
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