13000 finally a reality, banking propels the move: Angel Broking
(Time Zone: Arizona, USA)
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"The relentless run continues in financial markets across the globe. After a decent overnight rally in US markets, DOW futures were trading with decent gains early in the morning and as a result, our markets finally knocked on the door of a new milestone of 13000 at the opening itself. Barring few minor ticks, Nifty remained well above 13000 throughout the session to eventually end the historical day with another percent gain.
The kind of recovery we had witnessed on Friday, it was very much evident that the bulls are not willing to give up and soon we were about to surpass 13000. Finally it has become the reality and now next immediate levels to watch out for would be at 13100-13200. Today's up move was mainly propelled by the financial stocks as we saw Banking index inching closer to its milestone of 30000. The undertone remains bullish but as a momentum trader, taking some money off the table should be considered as a healthy practice. The support base now shifts higher around 12800-12730; before which, intraday supports are at 12980-12900 for the coming session.
Since almost all sectors are contributing in the rally, intermediate corrections are likely to be bought into. Meanwhile, continue to focus on individual stocks and trail stop losses higher for existing trades."