No signs of reversal yet, trade with positive bias: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan - Chief Analyst - Technical & Derivatives, Angel Broking

Technical Outlook

The Nifty index continued its positive momentum and rallied higher to close the week on an extreme positive note. During the week, the Nifty index posted gains of 3.50 percent, the highest gains in a week post May 2016.

The recent upmove in the Nifty index has been supported by broad market participation with the market breadth continuing to show robust strength. The 'Higher Top Higher Bottom' structure continues to remain intact and so far, there are no signs of reversal on the charts. During such strong momentum phase, corrective dips are generally bought into. Thus, we continue to maintain our positive stance on the market and advise to look for stock specific opportunities, which could fetch better returns in the week ahead. The immediate support for the Nifty index is placed around 8530 whereas the index is expected to rally upto 8678 - 8737 in short term.

Source : Equity Bulls

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