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13000 just a number now, hope to be the reality soon: Angel Broking

Posted On: 2020-11-23 06:26:33 (Time Zone: Arizona, USA)


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

"Market kick-started the proceedings for the week on a cheerful note, owing to favourable global cues. However, within the first few minutes of the trade, Nifty erased gains to sneak inside the negative territory. Similar to recent trend, this intraday dip was bought into to reclaim the 12900 mark on a closing basis by adding over half a percent to the bulls' kitty.

Today's price action clearly proves how strong the trend has been in the last few days. Despite banking kept sulking post the initial hour, other big boys came for a rescue. This is the perfect characteristic of any Bull Run. Now, we are within a kissing distance of the major milestone of 13000. Practically it's just a number and soon we expect it to be a reality. The way indices are behaving since the last 5-6 trading sessions, it's a sign of time-wise correction and hence, it's better not to focus more on index specific trades for a while. But still for a compulsive trader, try to buy on declines around supports and vice versa. For the coming session, the support is seen at 12850 - 12800; whereas on the higher side, 12970 - 13100 are the levels to watch out for.

Sectorally, IT and Pharma stocks have shown some excellent moves today after recent consolidation. The heavyweight RELIANCE also stood firm throughout the day; but on the other side, banking could not hold on to its early morning lead. The real action still lies in the broader market, which remains to be the flavour."


Source: Equity Bulls

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