Nifty consolidates around 13000, but broader market outshines: Angel Broking

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

"It was yet another week of consolidation for our market after a relentless rally in the first half of the November month. This week, Nifty registered a fresh record high of 13145.85, but saw some profit booking at higher levels. However, it didn't correct much; because the undertone still remains strongly bullish. In fact, we saw modest recovery towards the fag end to conclude the week with nearly a percent gain around the 13000 mark.

The November month has been the historical one for our markets as we saw two key indices, Nifty and Bank Nifty clocking sizable gains over 11% and 24%, respectively. In the midst of all this, Nifty surpassed its previous record high and reached the milestone of 13000. Clearly, FIIs have been the charioteer of this mesmerizing rally as they relentlessly pumped money into our market to mark the biggest single month inflows over Rupees 50000 crores. Now, coming back to the levels, 13040 - 13146 remains to be an immediate resistance zone; whereas on the lower side, 12900 - 12868 - 12790 can be seen as a cluster of supports. With this week's minor decline, 12790 - 12730 has become a sacrosanct support and till the time it is not breached convincingly, one should trade with a positive bias.

Although the overall trend has been strongly up, we still believe that one should avoid aggressive bets, rather focus on individual stocks with proper risk management. The ideal range for coming sessions would be 13150 - 12730 and till the time we do not breakout outside this range, we are likely to see trades on both sides, especially in indices. Above 13150, next levels to watch out for would be 13250 - 13400 but the move will not be as swift as it has been in the recent past. The real action continues in the broader markets as we can see stellar moves in a lot of mid and small counters."

Source : Equity Bulls

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