Highest closing in last six months, expiry in favor of mighty bulls: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"The expiry day clearly belongs to the might bulls after yesterday's mild hiccup. Today morning, despite SGX Nifty indicating a sluggish start, we managed to kick off marginally higher and then accelerated as the day progressed. It was very much unlike normal expiry day as there was no volatility seen neither in the first half nor towards the fag end. In fact, we had a good steady trended day to register highest closing in last six months.
After November, this was the first series to clock such colossal rally. Nifty concluded with whopping gains of 7.20%; whereas for Bank Nifty, it turned out be the historical one. The banking index witnessed a gigantic bump up of over 13%, leading to fresh record highs. With continuation of recent articles, we remain upbeat on the market and expect new highs soon for our benchmark Nifty as well. For the coming session, 11603 would be seen as immediate hurdle but the kind of price development we are seeing; it would be eventually surpassed to head higher in the zone of 11640 - 11700. On the flipside, 11500 followed by 11413 has now become an immediate base.
Traders are advised to remain on the positive side and do not think of going against ongoing momentum. In such markets, do not hesitate, rather use dips to participate and ride the tide. We have been vocal about the outperformance of the midcap basket of late. It is clearly on a roll and this is probably a beginning of fresh leg of the rally."