Nifty reclaims 13600, IT and Pharma propels the move: Angel Broking

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

"US markets have not reacted much to the overall sell off we witnessed in European as well as Asian bourses on Monday. We too had a smart recovery yesterday which was followed by a positive start today despite SGX Nifty was indicating a sluggish start. Barring some initial indecision, we witnessed a steady and gradual up move throughout the remaining part of the session to add another a percent gain to reclaim the 13600 mark on a closing basis.

Markets have managed to settle down after a massive drop of 600 points on Monday. In last two days, we have already recouped more than 70% of the losses, which is remarkable ahead of the concluding week of the current calendar year. As we had mentioned in the previous commentary, the Monday's fall was a corrective move within the strong Bull Run and hence, we did not have any follow through to this. But still it would be very difficult to say whether the correction is completed and we are heading for new highs, For the coming session, 13650 would be seen as a crucial hurdle and if we fail to surpass it, we may again see index retesting 13500 - 13450 levels.

The coming session would be interesting to see because we are heading for an extended weekend on the back of Christmas holiday and since its a weekly expiry, we are likely to witness some higher volatility. Traders are advised to stick to stock centric moves; but avoid aggressive bets in high beta names."

Source : Equity Bulls

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