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Finally a breakout beyond 9000 is a reality; do not hesitate to stay long: Angel Broking

Posted On: 2017-03-14 21:03:33

Daily Market Wrap Up by Mr. Sameet Chavan - Chief Analyst - Technical & Derivatives, Angel Broking

Technical Outlook

It was a historical day for Indian markets as our benchmark index opened with a humongous upside gap cheering to BJP's thumping victory in UP assembly elections and then went on to register a record high of 9122.75 on Nifty. Although, we witnessed a mild profit taking at higher levels, traders should get encouraged by highest ever closing well above the 9000 mark.

Finally, the much awaited breakout beyond the 9000 mark is a reality now and it has happened with a 'Breakaway Gap', which certainly augurs well for our markets. With reference to our recent articles, we are not surprised with this move as we have been quite vocal about the probable breakout to post a new high for our markets. Despite some hint of profit booking at higher levels, we would continue with our bullish stance on the market and expect the Nifty to keep marching higher, first towards 9200 and then towards our near term target of 9400 - 9600 (price extension of previous up move from recent low of 7893.80) over the next few weeks. On the downside, today's gap area of 9060 - 8975 would act as a strong support zone. Any dip within this range should be used to create fresh longs in the market without any hesitation of being an overbought territory.


Source: Equity Bulls

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Other Headlines:

Strategy: What an exchange! - Kotak
9600 to be seen as a crucial support: Angel Broking
Base shifted higher to 9600: Angel Broking
One more attempt towards 9700 would be an exit opportunity - Angel Broking Weekly Review Report, June 17, 2017
GST development & moonsoon must be the watching point on the indices: Amrapali Aadya Trading & Investemnts
Economy: Lower trade deficit and FPI flows buoy BOP - Kotak
CPI Inflation continues to surprise positively - CSEC Research
Economy: May WPI inflation reaffirms benign underlying dynamics - Kotak
Economy: Farm loan waivers: Economic costs and other effects - Kotak
Markets cautious yet steady ahead of Fed decision: Angel Commodities Broking
9580 earned respect, one more attempt to test 9700 seems possible: Angel Broking
Short covering in call options is a sign of relief for bulls: Angel Broking
Strategy: What's in a multiple after all? - Kotak
Economy: Stage set for an August rate cut - Kotak
Retail inflation falls further opening the gates for a rate cut: Angel Broking
Keep focusing on individual stocks and avoid taking undue risks: Angel Broking
Market has absorbed the selling pressure of FIIs: Angel Broking
Now, GST rates are cut a little further by the Council: Angel Broking
Monthly Strategy - June 2017 - CSEC Research
Weekly market quote - Teena Virmani, Vice President - PCG Research at Kotak Securities Limited
Possibility of hung parliament in UK to delay Brexit talks: Angel Commodities Broking
Macroeconomic data will throw the shape in economic activities going on : Amrapali Aadya
Monetary Policy - June 2017 - CSEC Research
The boredom continues in the market, stay light once Nifty reaches 9700 - 9720: Angel Broking
Auto conglomerates attracting fresh longs in June series: Angel Broking
Lower standard asset provisions will provide 1-2% upside to HFC's earnings - Kotak
Lower Inflation projections raises hope for rate cuts going ahead: Angel Broking
RBI Monetary Policy - Suvodeep Rakshit, Senior Economist at Kotak Institutional Equities
No Change in the Pre-GST Review by RBI
Monetary policy review - Amrapali Aadya
Economy: IMD forecast: Expect a normal monsoon - Kotak
FIIs refrained from profit booking ahead of Monetary Policy outcome: Angel Broking
Liquidity surplus to tighten marginally - Money Market View - Kotak
FIIs continue to add longs in June Series, trade with positive bias: Angel Broking
GDP numbers marginally disappoints: Angel Broking
Views on GDP numbers - Upasna Bhardwaj, Sr. Economist at Kotak Mahindra Bank
Weekly market report - Epic Research
RBI policy to frame market movement coming week : Amrapali Aadya
Short Covering in Pharma conglomerates drive Nifty above 9650 mark: Angel Broking
FIIs 'Long Short Ratio' rose to 85% in Index Futures: Angel Broking
Strategy: Funds Flow tracker, May 2017 - Kotak
Finally 9600 is a reality; one should look to book profits now: Angel Broking
Staying with the trend paid off, 9600 on the cards: Angel Broking
Once again, BankNifty escorts our markets to historical highs: Angel Broking
High rollover in Nifty indicating continuation in optimism: Angel Broking
US Fed's cautious approach acts in favour of the Indian Rupee: Angel Commodities Broking
9400 defended successfully on closing basis, expect some recovery: Angel Broking
PCR-OI at its peak since July 2012, not a worrisome factor: Angel Broking
Economic momentum to sustain with strong policy making: Angel Broking
Strength in index heavyweights to lead Nifty towards 9600: Angel Broking


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