8867 - 8820 remains to a strong support for the market: Angel Broking

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

Technical Outlook

Today's session opened with a minor downside gap owing to soft cues across the globe. This was followed by a long consolidation around the hourly '89-EMA' placed around 8871. However, a decent recovery in the latter half led to a close tad below the 8900 mark.

It was a quiet day for our markets and fortunately for us, it was not the way how Asian cues indicated in the morning. Despite yesterday's correction, we expected the index to find a strong support around the 8867 mark, which coincided with the hourly '89 EMA' and hence, market rebounded back to the 8900 mark. Going ahead, we still believe that 8867 - 8820 levels on intraday charts are likely to act as a sheet anchor in the forthcoming session as well. For the coming session, the range remains at 8983 - 8867. Traders are advised to use these dips to initiate long positions rather than creating fresh shorts in the market. We believe that the undertone still remains bullish and we would continue with the anticipation of a new all time high soon.

Source : Equity Bulls

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