Nifty reclaims 11800 ahead of mega global event: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):

"Nifty started the session on a positive note and surpassed the hurdle of 11750. Led by the banking space, the index rallied higher and ended the day above 11800.

In last three sessions, Nifty has oscillated within a range but it surpassed its immediate hurdle of 11750 in opening ticks. Bank Nifty too opened gap up and it continued its mesmerizing move to lead the benchmark higher. Nifty has reclaimed the 11800 mark ahead of the mega global event and hence, all eyes would now be on the U.S. elections outcome and the global markets reaction on it. Technically, it seems that we are posed for the next leg of upmove after the recent pause. A support base has been formed in Nifty now in the range of 11550-11600 and till this intact, the near term trend looks firm. Also, the Nifty Midcap index is trading at a crucial juncture as it is near the higher end of the recent consolidation phase. A breakout above 17300-17400 in the Midcap100 index would unfold the next leg of directional upmove and hence, traders should be vigilant on the same. As far as Nifty levels are concerned, the immediate supports for Nifty for the coming session are placed around 11745 and 11670 whereas resistances are seen around 11930 and 11970.

Due to the event, there may be some higher volatility and hence, traders are advised to follow proper money management techniques and avoid taking undue risks. Till the above mentioned short term supports are intact, one should avoid contra trades and look for opportunities in direction of the primary trend."

Source : Equity Bulls

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