Strength in index heavyweights to lead Nifty towards 9600: Angel Broking

Daily Market Wrap Up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):

Technical Outlook

The Nifty index consolidated in a narrow range yesterday and ended the session with minor gains of 0.14 percent. Although, we saw some stock specific momentum yesterday in some of the index heavyweights which continued to trade with positive bias. The Nifty Metal index was clearly the outperformer as Tata Steel posted gains of over 8 percent post its quarterly results announced yesterday.

Yesterday's narrow range candle in Nifty does not imply any significant change in the chart structure. The broader trend for the index continues to remain positive and hence, we continue to maintain our optimistic view on the market. In near term, we expect the index to rally towards our projected target zone of 9600 (target projection as per the 'Flag' pattern breakout). For intraday, 9456 is a strong support and any intraday dips should be used as a buying opportunity.

Source : Equity Bulls

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