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Nifty within the kissing distance of 12000: Angel Broking

Posted On: 2020-10-09 09:14:33


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

"We have seen a spectacular comeback by the bulls after the recent hiccup towards 10800. From the next day onwards, the market just took off with the help of a few heavyweight themes. Initially, it was the IT space that took the charge and lifted markets higher from the critical levels along with some participation from the banking space. In fact, the momentum kept accelerating in the week gone by; courtesy to some excellent news flow in the IT giant, TCS to lift the overall sentiments for other peers as well. Addition to this, HDFC twins joined the party and had stellar moves throughout the week. Any robust rally in the market is incomplete without the contribution of the banking space. On Friday, post the RBI policy, banking stocks attracted tremendous buying interest to eventually end the week at a new seven month high for Nifty above the 11900 mark.

In the last couple of weeks' rally, global markets played the major part as we are seeing some gravity defying moves despite some in between uncertainty. Initially, in our recovery mode, we were a bit skeptical but in the first half of the week, we had to admit the miss and eventually started participating in the move. The way Nifty surpassed the 31st August high of 11794 with some authority and is now within the kissing distance of 12000, the positivity is likely to extend further. Importantly, the banking space which was following the benchmark in the entire recovery finally showed some dominance on Friday. This factor is very much in favor of the bulls, which may provide impetus for the extended rally. Now, the only missing factor is the participation from the broader market. If we look at the Nifty Midcap index in the last 7-8 sessions, they remained muted throughout and only a handful of heavyweight themes lifted the market higher. Hence, if Midcap index breaks out from recent congestion, it will be then considered as a healthy rally. Let see how things pan out in the next couple of sessions.

Now as far as levels are concerned, the base has shifted higher and the previous resistance area of 11700 - 11450 should now be treated as a strong support. On the flipside, we are very much close to the psychological mark of 12000. The moment it's taken out, we may see a steady move towards 12200 - 12400 levels. Since, the banking index is back to 200-day SMA on the daily chart and the way it closed with complete gush in the space, a move beyond 24000 would provide strong support to the benchmark index. However, we would like to highlight that since the move is extremely swift, anytime we can see some intraday profit booking and hence, one needs to position accordingly and be very fussy in stock selection."


Source: Equity Bulls

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