Finally snapped recent losing streak; but still just a breather: Angel Broking

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

"Unlike previous sessions, today our markets opened on a cheerful note citing favorable cues from the major Asian bourses like, Nikkei (Japan) and HANG SNG (Hong Kong). But then this up move got extended due to our domestic factors as we saw banking conglomerates (especially PSBs) showing tremendous resilience to clock decent intraday gains. The additional fuel was infused by the heavyweight IT counters. In this course of action, the Nifty managed to reclaim the 10200 mark on a closing basis.

Finally, our markets snapped the recent losing streak and have managed to recover a fair bit of ground from yesterday's low. But still the question remains, whether this is a beginning of new up move or it's just a relief rally. In our sense, this probable is just a breather as we can see multiple technical tools still holding on to their negative postures. If we look at the hourly chart, we can see couple of key moving averages (200-SMA & 89-EMA) placed in the vicinity of 10240 - 10260. Hence, going ahead, it would certainly be a daunting task to overcome this hurdles. On the flipside, 10183 - 10139 are likely to act as intraday support levels. At present, traders are advised to focus on individual stocks by adopting a proper exit strategy."

Source : Equity Bulls

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