16000 very much in sight now, banks need to chip in : Angel Broking

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

"The proceedings for the week started on a pleasant note on Monday owing to slightly cheerful mood across the globe. The index then slipped into a consolidation mode in the following hours. Benchmark index was quiet and the broader market was doing fairly well; but all of a sudden post the mid-session, market took a nosedive and before anyone could realize, Nifty not only erased all gains but also entered a negative territory in a flash. Fortunately 15650 once again acted as a sheet anchor to restrict the sudden hiccup. During the remaining part of the week, Nifty continued its slow and steady march to conclude at the highest point. In the process, it added nearly one and half a percent gains to the previous weekly close.

In last month or so, market made several attempts to go pass the level of 15910; but on every occasion, markets struggled at higher levels. Finally on the weekly expiry day, this sturdy wall was breached and that too on a closing basis. In fact, although there was no follow up buying seen, the week concluded at a new high which certainly bodes well for the bulls. Now, 16000 is merely a formality and if there is no aberration on the global front over the weekend, we would see market reaching the millstone in the first of the forthcoming week itself. After this, 16200 is the next level to watch out for. We reiterate that if this assumption has to turn into reality, the banking needs to contribute and hence, all eyes on BANKNIFTY. The moment it traverses the 36000 mark, we would see NIFTY hastening beyond the magical figure of 16000. On the flipside, 15800 followed by 15630 are to be seen as key supports.

One needs to keep in mind that any sustainable move below 15630 would apply brakes on the ongoing optimism and we may then see some corrective moves in the market in the short term. During the week, the stellar move in IT space lifted the markets higher from the lower levels. Also, the broader end of the spectrum too did extremely well. One can certainly continue with a stock centric approach and keep a tab on all the above mentioned scenarios."

Source : Equity Bulls

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