Markets witness volatile session as investors await US elections outcome: Angel Broking

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

"Our markets started the session almost flat and surpassed the 11900 mark in the first hour post opening. But the volatility in global markets kept the traders on toes and post noon, we saw a sharp cut after a sudden fall in Dow Futures. However, the index managed to find support above 11750 and recovered in last couple of hours to end the volatile session above 11900.

Our markets witnessed a volatile session today which was much expected due to the mega global event of U.S. elections. But inspite of the volatility, Nifty reclaimed the 11900 mark at close and continued to march higher. The broader markets too supported and the overall breadth was in favor of the advances. Now, trend continues to look positive as far as benchmark index is concerned, and the Midcap index too is interestingly poised as it is on a cusp of breakout from its resistance zone. A move above 17400 should led to the next leg of trended upmove in the midcap space and hence, traders are advised to keep a close watch on the same. Also, 12000-12025 has been a hurdle for Nifty recently and once we see a breakout beyond the same, the index too should see a good momentum for near term targets of 12160 followed by 12325. Thus, a simultaneous breakout in both Nifty and the Midcap index should lead to a good trended upmove in the broader markers, and thus traders should capitalize on such opportunity. On the flipside, 11800-11750 would now be seen as immediate supports for Nifty."

Source : Equity Bulls

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