9100 becomes a sheet anchor, hope for some recovery: Angel Broking

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

"After two days' of pain, we started marginally in the green. But it was merely a formality as we saw index taking a nosedive in initial trades. At one point, things looked extremely bleak as we hastened towards 9100 within a blink of an eye. Fortunately, a strong buying at lower levels lifted markets higher. During the second half, there were some wild swings seen on both sides but the bias remained positive and as a result, Nifty concluded well above the 9200 mark.

The kind of v-shaped recovery we witnessed in the initial hour, it clearly suggest that the bulls are not giving up and have managed to defend the crucial support of 9100 convincingly. With today's move especially in financial stocks which are amongst the culprits of late, have shown some signs of revival. And hence, we continue to remain hopeful as long as Nifty manages to hold the sacrosanct support zone of 9100-8900 on a sustainable basis. On the flipside, intraday hurdle can be seen at 9350. A sustainable move beyond this would trigger a good upmove to test the sturdy wall of 9450 - 9550.

For the coming trading session, thr index traders can use any dip towards 9200 as a buying opportunity as we expect this decline to get bought into. Apart from this, lot of stocks from the broader market did well and hence traders should keep a close eye on such potential candidates, especially from Financial and Auto spaces."

Source : Equity Bulls

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