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Index posted marginal gains but momentum continued in broader market: Angel Broking
Posted On : 2020-06-08 17:32:52( TIMEZONE : IST )
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"U.S. markets rallied higher on Friday which led to a positive sentiment on global bourses. The SGX Nifty hinted at a gap up opening and in line with that, Nifty started the week above 10300. However, unlike previous Monday, we did not see any follow up move and the index gradually gave up all the opening gains to end the day with gains of a quarter of a percent.
Our market had rallied sharply during last week and the global market developments hinted at further positive momentum over the weekend. This led to some complacency among the traders fraternity (especially the bulls). And as witnessed last week also, when traders become too complacent and aggressive on the one side, the market tends to show its surpremacy and tries to bring back the market sentiments to equilibrium. The indices cooled-off from the morning highs during the day, however, there is no sign of a change in the momentum and hence, the biasness continues to be positive. In last couple of sessions, many stocks from the broader markets have witnessed price upmove with good volumes and hence, we are likely to see a continuation of some stock specific upmoves in the near term. The intraday support for the index is placed around 10080 and traders are advised use intraday declines as buying opportunities. For a near term perspective, 9900 remains a key support and till this is intact, it would be prudent to keep a buy on dip approach and trade with a positive bias. On the higher side, 10350 is the immediate hurdle for Nifty which is the '200 SMA' on the weekly charts. However, we expect that the index would surpass this hurdle soon and approach 10500-10600 zone.
As mentioned above, many stocks from the broader market have witnessed price upmove with good volumes in last couple of sessions. Traders are advised to look for such opportunities which could deliver decent returns in the near term."
