All eyes on exit polls: Angel Broking

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

Technical Outlook

"Once again, we witnessed a nervous start to the trading day as most of the emerging markets seemed worried about the US Dollar index surpassing the 102 mark. However, our markets completely shrugged off this development and remained within a tight range of nearly 47 points throughout the day to end the session with negligible gains.

It appears that our markets are focusing more on UP election outcome and before the exit polls numbers that will be declared by today evening. So today's session was yet another day of consolidation as markets remained reluctant to move out of the small range ahead of the event. As far as range for the forthcoming session is concerned, it remains unchanged at 8993 - 8891. However, directionally we continue with our positive stance and expect the index to give a breakout in the upwards direction quite soon. Tomorrow being the last day before the actual outcome, we would expect some volatility in the market. Hence, it's advisable to avoid the momentum trading as the market may give few whipsaws. Rather one should stick with a 'Buy on dips' strategy for a near to medium term perspective."

Source : Equity Bulls

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