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All's well that ends well: Angel Broking

Posted On: 2018-06-22 22:20:01

Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"It's been a week of global uncertainty and some consolidation around the crucial near term junction. Index remained under quite bit of stress during the first couple of days; however, the bulls were not at all willing to give up as they held their ground successfully and eventually managed to give a smart recovery towards the fag end of the week to reclaim the 10800 mark.

In the week gone by, there was one point when things looked extremely bleak for our market. We were literally on the verge of giving a breakdown below the crucial support zone of 10700 - 10650. We remained optimistic despite this unfavorable development and now we can certainly say, all's well that ends well. Due to massive buying in the concluding hour on Friday, the Nifty managed to give a breakout from small 'Triangle' pattern. Hence, no brainer, we continue to maintain our positive stance as long as the crucial support zone of 10700 - 10650 is not violated convincingly. In the forthcoming week, the Nifty is likely to retest the higher band of its recent trading range i.e. 10880 - 10920 and a sustainable move beyond this would extend the move in the near term.

At this juncture, it's advisable to take one step at a time and keep a close track of all these mentioned levels. Since, we can see bundle of stocks providing better trading opportunities, one should concentrate on such potential candidates that are likely to fetch higher returns. As far as sectors are concerned, we did see some life coming back in the 'Cement' counters and hence, one can look to accumulate marquee names within this basket at least for a decent relief rally. At the same time, we continue to like the 'Pharmaceutical' space. We advise not to expect any major correction as it is now in the mood of compensating for its recent underperformance. Rather, one should look to grab heavyweight proposition within this basket on minor dips."

Source: Equity Bulls

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