14000 very much in sight now - Angel Broking

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

"After giving a spectacular recovery from last Monday's chaos, our markets managed to reclaim the 13700 mark on a weekly closing basis. Today morning, the global set up was just perfect to have a head start in the last week of the current calendar year. Our markets opened higher at fresh record highs as indicated by the SGX Nifty and then resumed its upward trajectory after a brief pause. Eventually, the Nifty closed at fresh record high, tad below 13900.

Market needed some correction or a profit booking for the gigantic rally, started in November. Last Monday's sharp decline seemed to have that much needed retracement. The overall undertone has been so strong, the correction did not even extend beyond one and half days. Today, the Nifty has once again entered an uncharted territory and the next milestone of 14000 is very much in sight now. For the coming trading session, 13800 followed by 13750 should be treated as immediate supports; whereas on the higher side, 13950 - 14000 are the levels to watch out for.

Going ahead, it would be interesting to see how BANK NIFTY tackles it's a stiff hurdle of 31000. If it manages to conquer this wall, it will certainly lead the benchmark to 14000 and beyond levels. It would be very difficult for index specific traders to find trades for the next few days. Hence, it's better to focus on individual stocks which may provide opportunities on both sides".

Source : Equity Bulls

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