Some profit booking at record highs, still no sign of worry: Angel Broking

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

Technical Outlook

Today, most of the Asian bourses were trading on a cheerful note, which eventually had a rub-off effect on our market. The Nifty opened with a decent upside gap and registered a new record high in the opening trades. However, some of the cautious traders chose to take some money off the table; resulting into trimming of early morning gains to end the session slightly in the positive territory. The profit booking was mainly seen in Oil & Gas, Capital Goods and Banking counters.

The Nifty continued its optimism and posted a new high of 9450.65 in the morning trades. However, the index failed to extend this rally after reaching the mentioned intraday hurdle of 9450. Although, Nifty came off a bit from the high, there is no major damage done in terms of its price structure. We continue to remain upbeat on the market and expect projected level of 9600 (target of 'Bullish Flag' pattern) quite soon. For the coming session, we expect 9400 - 9377 to provide a decent support for our market.

Source : Equity Bulls

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