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Banking was the charioteer of the spectacular rally: Angel Broking

Posted On: 2018-11-26 23:01:42

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

"In the morning, we had a perfect set up to kick start the proceedings for the week on a cheerful note. The Crude oil continued its losing streak, the domestic currency cooled off quite a bit to reach the 70 mark and the global peers were trading on an optimistic note. Despite all these favorable factors, we opened higher but immediately started correcting to even sneak below 10500 in the first half. However, there was complete turnaround seen in the latter half as we saw massive buying interest across the board to clock smart rally with nearly a percent gains.

Technically speaking, if we look at the hourly chart, Nifty was oscillating within the boundaries of a 'Falling Wedge' pattern. Quite precisely, Nifty managed to find the support at the lower end of this pattern (which coincided with our mentioned support of 10500) and then went on to confirm a breakout from the higher end i.e. 10580. The immediate impact of this price development was seen during the session and going ahead, we will not be surprised to see Nifty extending this move towards 10690 - 10740 levels. With today's move, the ambiguity seems to have disappeared now. For the coming session, in case of any decline towards 10600 - 10570, momentum traders are advised to use this as a buying opportunity.

In our previous article, we had opined about banking index playing a vital role. Today, undoubtedly, the banking universe was the charioteer of this stellar intraday rally. And the way it has closed with lot of positivity, we expect banking space to propel further rally in the market. Also, the buying was seen in the broader market and thus, we expect traders to get better trading opportunities with a short term view."


Source: Equity Bulls

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Other Headlines:

11600 defended successfully, remain hopeful of a strong rally: Angel Broking

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V-shaped recovery from 20-DMA, except rally beyond 12000: Angel Broking

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11850-11900 to act as demand zone now: Angel Broking

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Index consolidates in a range, 'IT' counters witness buying momentum: Angel Broking

RBI Circular will have a Positive Effect on NBFC & Banking sectors: CapitalAim

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Index defends its support, but ends well below the 12000 mark: Angel Broking

Market to Trade in a Wide Range for the Next Week - CapitalAim

Nifty concludes above 11850; courtesy to Banking and IT space: Angel Broking

RBI Policy update from Mr. Romesh Tiwari, Head of Research, CapitalAim

Reaction on RBI policy from Mr. Mustafa Nadeem, CEO, Epic Research

Views on RBI Policy - Kumaresh Ramakrishnan, Head - Fixed Income, DHFL Pramerica Mutual Fund

Nifty tanks below 11850 post RBI rate cut, but no major shorts: Angel Broking

Market may see further pressure in Nifty : Epic Research

Sell off post RBI policy, banking stocks drag: Angel Broking

Market Outlook - June 4, 2019 - Angel Broking

12000 conquered convincingly, courtesy to IT and Auto counters: Angel Broking

Long Short Ratio back to 60%: Angel Broking

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Next week market will look for RBI monetary policy crude price and global market sentiment: Epic Research

Rollover Report for May-June 2019: Angel Broking

Be prepared for wild swings, hopeful of a favourable outcome: Angel Broking

Election results and exit polls will drive market : Mustafa Nadeem, Epic Research

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Market Strategies for Wednesday May 8, 2019 from Share India Securities Ltd

No major movement in the truncated week, 11700 defended successfully: Angel Broking

Sectors like Energy & PSU Bank will be in limelight for the coming week market: Epic Research

Q4 earnings, Election vibes, Oil and global markets that will steer market next week - CapitalAim

11650-11700 to act as a sheet anchor: Angel Broking

Nifty Rollover highest since September 2016: Angel Broking

11549 becomes a sheet anchor: Angel Broking

Crude Oil & Final Phases of Elections in the coming month will add the volatility in market: Epic Research

The VIX and elevated crude oil prices will add bullish sentiments to the market: Epic Research

Banking once again becomes the culprit, all eyes on 11549: Angel Broking

Expect 11550 is the crucial support level for Nifty: CapitalAim







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