Nifty approaching strong support zone 9160 - 9120, looks for buying opportunities around it: Angel Broking

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

Technical Outlook

It's been a quite day for our market as we witnessed a gap up opening with a small margin followed by a gradual decline throughout the remaining part to end the session almost at the lowest point of the day tad below the 9200 mark. Although, the market remained under pressure right from the opening tick, no real damage was done in terms of a price movement.

After seeing some hint of profit taking on Friday, it was quite evident to have such kind of corrective day for our market. However, the market hardly shaved off its recent gains during the session, which is certainly an encouraging sign. Now, looking at the hourly chart, it appears that the Nifty is approaching its strong support of '89 EMA' placed around 9160. In addition, if we look at the daily chart, we can observe a strong support of daily '20 EMA' placed at 9120. Hence, combinedly, we see strong support emerging in the vicinity of 9160 - 9120 for the Nifty and there is higher likelihood that we would see buying interest coming around these levels. Going ahead, we may see some consolidation or minor profit taking moves; but the undertone remains bullish and we would continue with our 'buy on dips' strategy in the market. On the flipside, 9226 - 9250 levels would remain as intraday resistances.

Source : Equity Bulls

Keywords