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Bullish Hammer activated, further recovery on cards: Angel Broking

Posted On: 2018-09-07 08:21:08

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

"Yesterday's smart recovery in the latter half was followed by a positive start as indicated by the SGX Nifty. However, once again a sudden fall in Indian Rupee (USDINR beyond the 72 mark) led to a sharp decline in our market at the midst of the day. But similar to yesterday's session, the index once again managed to attract strong buying at lower levels to eventually reclaim the 11500 mark with some authority.

With reference to previous article, the 'Bullish Hammer' pattern on daily chart has now been activated as per the expectation. Hence, going by the basic principles of this pattern, yesterday's low of 11393.85 should now become a strong support and going ahead, we may see index recouping from this recent damage. For the coming session, 11563 would be seen as an immediate hurdle and a move beyond this would result into an extension of this rally towards 11600 - 11640 levels. On the downside, 11516 followed by 11436 would be seen as immediate supports.

As far as sectoral move is concerned, the merry days continue for the 'Pharma' index which is really in a hurry to compensate for its previous two years' of underperformance. Apart from this, 'Midcap' basket managed to hold its ground and is positively poised. Further, we would like to highlight a notable observation, OMC's have been laggards since last many months; but they are now hovering around their major supports and hence, possibility of seeing decent relief moves in this pocket cannot be ruled out. Traders should ideally keep a close eye on these potential candidates, which may offer better risk to reward ratio."


Source: Equity Bulls

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