The range remains intact of 8820 - 8715: Angel Broking

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

Technical Outlook

A weak session on Wednesday was followed by a flat opening in our market amid mixed global cues. Subsequently, the index slipped slightly towards yesterday's low. However, as mentioned in the previous report, 8715 acted as a rock solid support and as a result, we witnessed a decent recovery in the second half to end the session with 0.61% gains.

Fortunately, today, we did not extend yesterday's corrective move and it was on our expected lines as we did not get carried away by this pessimism. But, still, the Nifty needs to surpass the 8820 mark on a closing basis to confirm the resumption of uptrend. Until then this consolidation phase remains intact. We maintain our directionally positive bias on the market and hence, would advise to use all dips to create positional longs in the market. For the coming session, support levels remains at 8715 - 8670. On the upside, 8784 - 8820 is seen as immediate resistance zone. It's advisable to keep following stock centric approach in order to fetch decent returns.

Source : Equity Bulls

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