IGI Logo

Below are Views On Market shows resilience around 14200, bulls not willing to give up By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

“After a one day off, we started the session on a negative note and in the opening trades took a nosedive below 14200 as indicated by the SGX Nifty. Ideally trading below 14200 was supposed to be a negative trigger for our market; but fortunately bulls did not give up and in fact showed tremendous resilience to pull the market higher. During the remaining part of the day, we witnessed a sustained buying in the underperforming financial space. As a result, Nifty managed to reclaim the 14400 mark by adding nearly eight tenths of percent to the bulls’ kitty.

The kind of recovery we had today was slightly unexpected for us, especially after having a weak start below 14200. But since markets are still holding their key supports on a closing basis, we need to respect it. Next two days’ price movement would be quite interesting because it would probably decide the next course of action for our markets in the near term.  The next level to watch out for would be 14526 and a sustainable move beyond it would result in a strong extended recovery in the market. On the lower side 14300 followed 14200 remains to be key support zone. Let’s see how things pan out in the coming session and meanwhile, one can focus on stock specific moves. Overall, we still continue to advice caution till the time key levels are not surpassed convincingly and no brainer, the banking continues to be the deciding factor for the same.”

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