Nifty beyond 11500, courtesy to banking space: Angel Broking

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

"Despite sluggish global cues, our markets started the day marginally higher above the 11500 mark. Subsequently, index remained in a slender range for the major part of the day. However, all of a sudden, strong buying momentum triggered at the stroke of the penultimate hour in some of the banking heavyweights, resulting in a spike of 50-60 points in Nifty to post the highest close beyond 11500 in the last six months.

Clearly, the market is in a beast mode at present and is in no mood to correct. Since the last few days, we have not been participating actively in index on the long side. Although it has strongly maintained its positive posture, the real momentum is clearly lacking. But yes this cannot be the excuse of letting this move go. There are times in the market, when things do not go as per the expectation and this is exactly the same. But we do not want to get carried away by this, because it's not giving us any comfort and sometimes there is absolutely no harm in avoiding extended moves. For the coming session, 11575-11625 would be seen as immediate upside levels and it coincides with one of the clusters of resistances. On the downside, intraday support is placed at 11500 - 11440 and with reference to previous commentary, if any weakness has to trigger, the NIfty should break and sustain below 11440.

The banking continues to be in the driving seat and one after another, banking and financial stocks are giving some decent moves. Apart from this, recently, we actively participated in Mid Caps and although, the aggression has reduced a bit, we are still following stock specific midcaps. Traders can continue with this approach but need to manage risk properly and booking timely profits is also advocated."

Source : Equity Bulls

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