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Market gearing up for new highs: Angel Broking

Posted On: 2018-07-22 22:18:36

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

"It was a week of consolidation for our markets as there were no major triggers on the global as well as domestic front. However, trading was not at all easy due to some volatile swings within the range of nearly 150 points. Friday's decent rally eventually resulted into reclaiming of the 11000 mark on a closing basis. We would like to highlight that for the first time Nifty managed to close above 11000 for the second straight week.

This week's action does not give any major cue; but, if we combine it with the last week's development, we can construe this as a breather or as we generally say, probably a 'Lull before the storm'. Last week, we highlighted couple of key developments on charts i.e. a breakout from the 'Diamond' pattern along with the 'RSI-Smoothened' crossing the threshold level of 70 in the upward direction. Hence, we continue with our stance as long as Nifty remains above 10750 - 10700. Till then any intra-week decline according to us would be a buying opportunity. In fact, we are of the opinion, index is gearing up for record highs and we will not be surprised to see it happening in next 1 - 2 weeks. As far as immediate supports are concerned, 10920 followed by 10860 would be seen as a key support zone.

We would also want to draw attention towards another noteworthy observation. The 'Nifty Midcap 50' index has given a first sign of near term bottom. We know it's quite early to take this stance, but the way some of the developments happened, we are impelled to do so. The midcap index has precisely taken a support at the lower end of the 'Falling Channel' and on Tuesday, we witnessed a formation of bullish 'Engulfing' pattern. More importantly, it coincides with the weekly '89-EMA' support along with the 'Positive divergence' in 'RSI-Smoothened' on daily chart. Thus, traders are advised to focus on quality propositions within this universe in order to fetch higher returns."

Source: Equity Bulls

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