Nifty reclaims 15000 surprisingly despite a truncated day : Angel Broking

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

"We had a flat to positive start today and despite global cues were unfavourable in the morning, our markets managed to extend gains towards 14800 in the initial hour. However, all of a sudden, the trading halted on NSE at 11.40 am due to some technical snag. It was very unusual and things worsened when it lasted for few hours without any clear intimation on further proceedings. This created havoc among the traders' fraternity because everyone was clueless about their outstanding intraday positions. Fortunately, the trading resumed around 3.45 pm as an exceptional case for a short period. Although it almost opened around the same levels, we witnessed a complete gush in the second half of the truncated session. Before anyone could realise, Nifty just hastened towards the 15000 mark.

In last twelve months, we have already seen lot of unprecedented things and today's session certainly can be added to this tally. Honestly speaking, today's late surge has completely surprised us and has dented our recent cautious stance a bit. Let see how things pan out in the forthcoming session. If Nifty manages to surpass 15080 - 15220, we may see Nifty resuming its higher degree uptrend in the following days. On the flipside, a failure to do so will lead to retesting of 14900 - 14800 levels. We would like to stay neutral while stepping into the important monthly expiry session and would focus on further proceedings to gauge the next action.

Undoubtedly, the banking had a short but sweet session today as we saw BANKNIFTY just exploding in few minutes. Hence, the next path of action for our benchmark would be decided by its movement only. Almost all other pockets were muted while we were seeing a sharp surge in the financial space. Let's see what market has to offer on the monthly expiry day."

Source : Equity Bulls

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