Nifty reclaims 10700, courtesy to Reliance and banking counters: Angel Broking

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

"The day belongs to the optimistic traders as we witnessed a good global driven rally with some impetus provided on the domestic front. It started with a decent gap up opening and then a follow up momentum to reclaim the 10700 mark. Despite marginal profit booking at higher levels, the index managed to hold its position well inside the positive territory.

Now, the recent hurdle of 10640 has been crossed on a closing basis and thus, we may see extension of this move towards 10750 - 10800 in coming days. On the lower side, the immediate base seems to have shifted higher towards 10640 - 10600 (earlier hurdle becomes support) from 10495. Hence, going ahead, traders should trade with a stock specific positive bias and look to lighten up positions around 10750 - 10800. At this juncture, we are a bit unsure whether market has enough strength to surpass 10800 or not. Hence, one need to keep booking timely profits and should rather shift stop losses higher at 10640 - 10600.

Thursday's tail end surge we were interpreting as an expiry factor. But, the way some of the banking stocks surged today was quite remarkable. In addition, the 'Oil and Gas' heavyweight continued its upwards trajectory and went on to touch the 4-digit mark ahead of its quarterly earnings."

Source : Equity Bulls

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