Market Wrap Up : Nifty continues to climb higher, reclaims the 18300 mark Says Mr. Rajesh Bhosale, Angel One
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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd
Nifty continues to climb higher, reclaims the 18300 mark
The trading activity for the week started on a flat note, however, without wasting any time Nifty started climbing higher. Although there was some stagnation during the mid-session, with prices staying within a range, the broader markets remained active. Towards the end of the day, there was another round of buying, resulting in the Nifty closing above 18300 with a 0.61% gain.
Looking at the daily chart, there was significant buying momentum following Friday's late session buying, allowing prices to surpass the 18300 level that had acted as a barrier twice during the last week. The bulls have regained control, and as we mentioned in our previous commentary, the base level seems to have shifted higher to the range of 18050-18100, while the immediate target is now set on the 18450-18500 levels. Traders should maintain a positive bias and view dips as buying opportunities, with immediate support expected around the 18200 level.
Although the high beta Banking and Financial Index showed some tentativeness near its all-time highs, the broader markets remained active, especially in the IT, Metal, and Adani sectors, which experienced impressive movements. Looking ahead, we anticipate this sector rotation to continue leading up to the monthly expiry, and traders should focus on such thematic movements that offer potential for outperformance.Above views are of the author and not of the website kindly read disclaimer
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