Head start for the new calendar year: Angel Broking

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

"Markets kicked off the inaugural day of the new calendar year marginally higher in the absence of participation from the global peers. For the major part of the day, index remained under tremendous pressure and in the process, Nifty slipped towards the 10800 mark. However, despite being the outlier, our markets saw good buying at lower levels and in fact, due to complete gush in some of the individual pockets, the Nifty went on to close around day's high by surpassing the 10900 mark.

Today, we certainly had a head start for the new calendar year and the way it's shaped up now, we will not be surprised to see Nifty opening with an upside gap tomorrow beyond the key resistance level of 10924. As we have been mentioning since last few days, it would open up the next leg of the rally towards 11050 - 11200 levels. On the downside, 10840 - 10800 has now become a strong as well as key support zone.

The banking index too had a fantastic day as we saw late surge in private banking giant ICICI bank. Hence, in line with our expectation, the banking pocket is now likely to lead from the front. Apart from this, midcap index is on the verge of a breakout from its near term hurdle. Hence, do watch out for this development and try to spot potential candidates within this universe in order to fetch higher returns."

Source : Equity Bulls

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