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Below are Views On the Nifty managed to surpass the psychological sturdy wall of 15000 with some authority By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

“Last week started on a flat note and as the week progressed, our markets managed to extend the lead. Since last couple of week, the global uncertainty was not letting us move higher, but the moment they started cooling off, our market took off and in the process, the Nifty managed to surpass the psychological sturdy wall of 15000 with some authority. During the week although there was no major momentum seen in the index, the undertone was bullish and hence, slowly and steadily we marched towards record highs. In fact, with Friday’s extended move, the Nifty went on to post new high on an intraday as well as closing basis.

Till last week, the entire world was so unsure where markets are headed and look now; we are at new record highs although the move was not as swift as it generally should be. Until Thursday, primarily the banking and IT were the major contributors to the move. But the sleeping lion RELIANCE finally seems to have awakened as it single-handedly led markets at new highs on the concluding day of the week. Now as far as levels are concerned for Nifty, 15600 is the immediate point and above which there is no major level visible before the yet another milestone of 16000. But it would be difficult to gauge whether the extended move from hereon would be similar (slow and steady) in nature or it would have some faster legs in between. On the flipside, 15300 – 15150 – 15000 are to be considered as immediate supports.

Sectorally, one after another different themes are expected to play out well and it’s better to stick to stock specific approach; because, the low-hanging fruit is already gone and from hereon it would not be easy at all to do a stock picking. The banking has been a bit inconsistent of late but we still believe that this heavyweight space has lot of potential and is likely to drive markets at higher levels. Despite having highlighted a lot of positive factors, we would advise traders not to get complacent. Hence, it’s better not to get over leveraged and should follow strict stop losses for existing positions.”

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