Daily Market Wrap Up by Mr. Sameet Chavan - Chief Analyst - Technical & Derivatives, Angel Broking.
A strong rally post the Union budget announcement was followed by a quiet session for our markets. We saw Nifty consolidating throughout the day in a range of nearly 70 points, however, the overall bias remained strongly positive, which was an encouraging sign for market participants. Eventually, the index managed to close convincingly above the 8700 mark with marginal gains.
It was a day of consolidation for our markets and hence, we do not see any reason to worry for on charts. The momentum is quite strong and traders should look to place themselves in the right (upward) side of the trend. For the coming session, 8672 - 8620 would be seen as a strong support zone; whereas, on the other hand, the Nifty is expected to continue its northward journey towards 8805 - 8893. We now expect individual stocks to outperform and hence, one should keep looking for such potential trades.