Merely a breather before fresh highs: Angel Broking

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

"Despite SGX Nifty was indicating a sluggish start, our markets opened higher above the 12100 mark. However, it was merely a formality as we saw index giving up all gains in early trades and thereafter, traded in a flat terrain for quite some time. At the midst of the day, some buying emerged at lower levels and the Nifty was back into the positive territory. But this time, the selling aggravated in the last hour to pull the index considerably lower to conclude the session with nearly three tenths of a percent cut.

Over the weekend, most of traders were expecting some fireworks in our market, considering favourable developments with respect to US-China trade deal and the BREXIT. But today's price action has certainly disappointed many. Despite all this, we remain upbeat and still expect fresh record highs very soon. This was just a breather before starting the next leg of the rally. For the coming session, 12023 - 12000 becomes a sacrosanct support; whereas on the higher side, 12100 followed by 12135 are the levels to watch out for. Although, the broader market saw some decent profit booking today, one should keep focusing on potential candidates from this space, who are likely to fetch higher returns."

Source : Equity Bulls

Keywords