Financial space takes a lead, Nifty reclaims 10400: Angel Broking

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

"We started the session today marginally higher, owing to mixed global cues. However in the initial hour it self, Nifty started moving northwards. Around 10350, there was a brief pause seen in the following hour; but it merely turned out to be a breather as we witnessed a good broad based rally throughout the remaining part of the day. Eventually, Nifty managed to reclaim the 10400 mark on a closing basis.

After 3-4 days of lull period, we finally had some action in the market and fortunately it was on the bullish side, which is always a pleasant sight for the majority of market participants. Technically speaking, index managed to come out of its recent congestion zone after surpassing the sturdy wall of 10350-10360. We witnessed a series of higher highs higher lows on hourly chart and hence, the chart structure looks a bit encouraging. Looking at the overall set up, ideally we should make a move towards 10450-10500 in coming trading session. Any decline towards 10360-10320 should be interpreted as a buying opportunity.

Today, although it was a broad based rally, the banking and NBFC spaces were the major drivers and hence, the possibility of this upward rally getting extended is pretty high."

Source : Equity Bulls

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