Market stuck in a range ahead of UP election outcome, traders should continue with a positive bias: Angel Broking

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

Technical Outlook

Our benchmark index began the trading week on a flat note owing to quiet global cues. Subsequently, a range bound initial hour was followed by a sharp corrective move to drag the index tad below the 8900 mark. However, once again, the hourly '89 EMA' provided a rock solid support for the market and as a result, the Nifty managed to recover a fair bit of lost ground in the second half.

Once again, we witnessed some selling pressure in the vicinity of 9000 - 8960, which is quite evident couple of days ahead of UP election outcome. Directionally, we maintain our positive outlook on the market and reiterate a possibility of a new high quite soon. For the coming session, 8957 - 8993 would be seen as immediate hurdles; whereas, on the downside, yesterday's low of 8891 would now be considered as a major support level. Traders should continue with a buy on dips strategy and should stay away from creating fresh short positions in the market. Also, a prudent strategy at this juncture would be to follow stock specific moves, which are continuously outperforming since last few days.

Source : Equity Bulls

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