IGI Logo

Below is Quote on The Market Wrap Up by Mr. Sameet Chavan, Head Research - Technical and Derivatives, Angel One Ltd.

ICICI Bank uplifts the sentiment, Nifty reclaims 17700

Markets kick-started the week on a positive note citing to stellar earnings over the weekend from banking giant, ICICI bank. This was followed by some tentativeness in the benchmark index NIFTY; but banking space kept on bucking the trend. After a brief pause, the buying reinforced in banking counters which uplifted the overall sentiments in the market. With sustained buying throughout the remaining part of the day, NIFTY ended the session comfortably above 17700 by adding nearly seven tenths of a percent to the bull’s kitty.

In the week gone by, our markets underwent a slumber phase which was evident also after a sharp rally towards 17800 in the previous weeks. The bullish quotient was maintained despite having a lull period and the monthly expiry week has now started with a bang mainly on our domestic factors. Technically speaking, the Nifty cemented its position last week at the sacrosanct support of ‘200-day SMA’ placed around 17600. Now with today’s robust rally, we would not be surprised to this momentum extending in the coming days. As far as levels are concerned, it would be daunting to surpass the sturdy wall of 17800 – 17900; but if banking and other heavyweights manage to keep up the same momentum, the breakout is imminent. On the flipside, 17600 followed by 17550 should now be seen as a sheet anchor for the bulls. Traders are advised to use intraday declines to add fresh bullish bets and should continue focusing on thematic movers.

Above views are of the author and not of the website kindly read disclaimer