Smart comeback after two days correction, reclaims 14500: Angel Broking
(Time Zone: Arizona, USA)
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"The Asian markets were trading with a positive bias and this led to a gap up opening in Nifty around 14370. The minor dip in the first half of an hour got bought into, and then it was no looking back for the index. It crept higher throughout the day and ended the session above 14500.
Post the previous sessions correction, it initially seemed that the pullback move would again see some profit booking and the volatility would continue in today's session as well. However, the index breached its Intraday resistances one after another and posted decent gains at the close. Most of the sectors participated in the upmove today while the broader markets gained back momentum. Frankly speaking, today's move was certainly a bit unexpected by us; but certainly the bulls have made a smart comeback supported by the global optimism. Going ahead, 14450 and 14320 would now be seen as immediate supports, whereas 14600-14620 would be the immediate range to watch. Traders are advised to focus on stock specific moves and look for themes which are providing good opportunities during the day."