Market Wrap Up : Winning streak continues despite sluggish global cues says Mr. Rajesh Bhosale, at Angel One Ltd
Below is Quote on Market Wrap Up 05 July 2023 By Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd
The Nifty benchmark index began the day without any significant catalyst, resulting in a flat start. This was followed by a period of consolidation, during which prices remained within a narrow range of less than 100 points. In the penultimate hour, there was some profit booking, but with late buying activity, Nifty managed to end the day with slight gains, closing just below the 19400 mark.
Despite the global markets being lackluster and profit booking in HDFC twins, our markets continued to outperform. The resilience shown by Nifty in maintaining its winning streak was remarkable. However, on the daily chart, the consecutive formation of 'Dragonfly Doji' candles indicates exhaustion in the bullish camp. Considering the overbought conditions, we anticipate limited upward movement in the near future. For the upcoming weekly expiry, the immediate range is expected to be between 19300 and 19500. It would be advisable to buy near the lower end and take profits near the higher end. It's crucial to closely monitor the lower range of 19300 during the weekly expiry as a break below this level could trigger extended profit booking, possibly reaching the bullish gap of 19200 from Monday's session. Nevertheless, we are not bearish on the market and view any correction or consolidation as a healthy sign following a significant breakout last week, with the expectation of significant upside potential in the near term.
While the key indices were range-bound, traders found opportunities outside the index, with individual stocks displaying remarkable moves. Today, the Auto and FMCG sectors defied the overall trend, and moving forward, traders should focus on such sectors that are likely to deliver outperforming returns.
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