Nifty nearing all time highs and Maruti at a kissing distance from 10000: Angel Broking

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

"Post the domestic event; the market once again joined their hands with global peers as we saw a gap up opening and then a gradual up move throughout the session by adding another seven tenths of a percent to the bull's kitty.

The volatile session on Monday was followed by a steady one as the index displayed its strength right from the opening trade. As mentioned in the earlier report, 10410 was the level to watch out for. The Nifty has managed to surpass this level on a closing basis and thereby negates the 'Lower Top Lower Bottom' structure. Now, going ahead, 10410 - 10372 is likely to act as immediate support levels; whereas in the upward direction, all time high of 10490 would be seen as next important junction for the index. The range is very much defined now for coming days. A move above record highs would extend the rally; whereas, the weakness would be seen only below the intraday support of 10372. At present, traders are advised to focus on individual stocks that are providing better trading opportunities.

So many midcap counters soared during the session; but, clearly the 'Automobile' giant, 'Maruti Suzuki' had an eye-popping rally of more than five percent and now, the stock is at a kissing of distance of the magical five digit figure of 10000."

Source : Equity Bulls

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