Nifty reclaims 10000 with some authority: Angel Broking

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

"Our markets were undergoing some stressful atmosphere ever since the news came out of the scuffle at the India-China border on Tuesday. Hence, we could see our markets struggling at higher levels and were trading around the lower end of the consolidation range. Today morning, it was surprising to see that we started on a flat note despite Global markets were trading strongly in red and SGX Nifty too indicated a gap down opening below 9800. Throughout the day, we maintained our positive posture and with the help of strong surge in the latter half, the Nifty managed to clock handsome gains over two percent.

If we refer to our yesterday's commentary, despite we were struggling, we remained hopeful and expected markets to make a move in the upward direction. To add to our conviction, we needed a strong close beyond 10000-10050 levels, which got confirmed in the last hour surge. Since today's move was a broad based one and is mainly driven by the financial stocks, we consider this a healthy up move. Hence, we continue to remain sanguine and expect the rally to extend towards 10150-10200 levels in the forthcoming session.

On the flipside, 10050 followed by 10000 would now provide decent support. Traders are advised to focus on individual stocks especially from the broader market, who are providing better trading opportunities."

Source : Equity Bulls

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