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Banking and Auto counters lifted markets higher, optimism to extend further: Angel Broking

Posted On: 2019-04-10 10:36:07

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

"Markets opened flat as there was no major trigger on the global as well as domestic front. During the first half, index did not have any strength to climb higher and hence, we almost went back to yesterday's low. Fortunately, there was sudden buying interest seen at lower levels and hence, markets reversed before it breaks previous day's low. In fact, as we were approaching the fag end of the session; the buying momentum accelerated across the broader market, leading Nifty to close at the highest point of the day by clocking over half a percent gains.

With reference to our previous article, we had highlighted about Nifty finding some support around key technical moving averages on hourly chart and hence, the subsequent session would be quite crucial or we can say, may turn out to be a trend decider for next few days. Very much in-line with this, Nifty went closer to previous day's low of 11549; but successfully managed to defend it. This clearly brought mighty bulls back into the action and as a result, we saw good trended move throughout the second half. This has clearly set the tone for the forthcoming session and we will not be surprised to see a gap up opening tomorrow. The Nifty is now at the cusp of important 'Falling trend Line' resistance of 11675. We would see acceleration after surpassing this level to test 11710 first and then towards all time high of 11761. On the flipside, the immediate support is now placed in the zone of 11638 - 11569 levels.

Today's rally was undoubtedly propelled by the heavyweight banking conglomerates. In addition, the midcap universe too had a smart rally to defend key support levels. Traders are repeatedly advised to stay on the positive side and along with above mentioned sectors, can keep a close eye on 'Auto' counters, that are clearly gearing up for strong moves.


Source: Equity Bulls

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Other Headlines:

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

Next Week, Stocks of Banking & Finance, Pharma and Auto Sectors could be Expected to Show Bearish Movements - CapitalAim

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Exit poll gap became the savior, rally to extend further: Angel Broking

Fed rates compromise between monetary policy and Trump: Angel Broking

11630 - 11610 are the levels to watch out for: Angel Broking

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Negative News From the Finance Sector can be a trigger for a bigger correction before the budget session: CapitalAim

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

11850-12050 is an immediate range: Angel Broking

Market Cues for the day - June 12th, 2019 - Angel Broking

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

Nifty Can Move Downside If Fails to Sustain Above 12000 levels: CapitalAim

Gradual upmove from the support, broader participation awaited: Angel Broking

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

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

RBI circular for Resolution of Stressed Assets will be a relief to businesses facing temporary financial issues

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

The market will keenly look forward to the first Cabinet meeting and RBI Monetary Policy - CapitalAim

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

Still no respite, the last ray of hope now around 200-SMA: Angel Broking

Market Strategies - May 14, 2019 - Market to focus on fresh triggers

IIP and Manufacturing number will provide some breather : Epic Research

Market will focus on Q4 results and final phase of election - CapitalAim

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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