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Nifty ends higher despite some intra-week reality checks: Angel Broking

Posted On: 2020-07-24 22:35:38


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

"The stage was set previous Friday when our markets had a late surge to surpass the recent hurdle of 10850 on a closing basis. Hence, with global markets showing some favorable cues, we had a cheerful start for the week gone by on Monday at 11000, marking the highest level since March 06, 2020. This momentum extended on the following day as we witnessed yet another gap up opening to extend this lead. However, post this, markets had some reality checks in between to remain in a slender range throughout the remaining part to conclude the week tad below 11200 mark. The banking index was one of the major charioteers in this extended move, barring Friday, when banking space has undergone some selling pressure to pare down a decent portion of their weekly gains.

In continuation of our previous weekly commentary, our desired levels of 11200 has now been met. But since, there are multiple technical observations that coincide around it, markets will have a daunting task in front of them now. Since, we are extremely overbought, we are in two minds whether to go with the theoretical characteristic of this term 'overbought' or the practical one. Because, theoretically, the current placement (78% retracement of the post COVID fall which coincides with 100% 'price extension' of recent swings from March bottom) of market is just ideal to see some genuine correction; but practically as we all know, market has the tendency to surprise us all the time. Hence, rather anticipating things from here on, we would rather let the market give us further indication. As we step into the monthly expiry week, our eyes would be on a few crucial levels. On the upside, 11250 is the level to watch out for; whereas, 11050 has now become a key support. As an optimist, one should remain hopeful as long as we are trading above this swing low (11050) and expect the market to give breakout in upward direction to extend the move towards 11350 - 11400. However, a breach of lower end should be treated as a short-term pause to see some decent profit booking.

We continue to advise traders to remain light and keep booking profits wherever it's necessary. Also, if our markets have to see any upward move, the banking space plays a vital role in this. Hence, one needs to see whether BANKNIFTY manages to convincingly go beyond 23000-23200 or not in the forthcoming week."


Source: Equity Bulls

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