Complete gush towards fag end, 10000 becomes sacrosanct: Angel Broking

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

"Despite SGX Nifty indicating a gap up opening, our markets started on a flat nite. However, in the initial half an hour of trade, we saw index heading higher first and then almost correcting back to yesterday's low. This see-saw kind of movement was repeated as the day progressed. However from nowhere, we witnessed a complete gush in last 30 minutes of trade in the broader market. As a result, the Nifty spiked up 100 points within no time to reclaim the 10100 mark on a closing basis.

For the major part of the day, index remained muted with no clear direction. But as mentioned, strong buying emerged towards the fag end; in fact few beaten down high beta NBFC and Midsize private banks surged as if there is no tomorrow. Hence, we continue with our positive stance as long as 10000-9900 is being defended successfully. Although, index is struggling around 10200-10300, we will not be surprised it to be crossed in coming days. Tomorrow being the weekly expiry, one should adopt a buy on dips strategy and in case of any early morning dip towards 10070-10040 should be treated as a buying opportunity. We expect the move to first continue towards 10200 and if momentum permits we can even continue this march towards 10250-10300 levels."

Source : Equity Bulls

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