Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Couple of days back, our markets came out of its recent slumber and today despite subdued global cues; we managed to open with decent upside gap. In the initial hour, Nifty clocked fresh record highs and then went on to reach yet another milestone of 11800. With reference to our recent articles, hitting new highs was merely a formality. If index had to achieve this, the banking index needed to step up and this is exactly what we witnessed today. Eventually due to minor profit booking towards the end, Nifty closed with over eight tenths of a percent.
We are finally at new all-time highs by convincingly surpassing August 28, 2018 peak of 11760.20 and recent high of 11761. With today's bump up, Nifty has confirmed yet another breakout and hence, we expect this momentum to continue. Now, since we have entered an uncharted territory, fresh high from hereon would just be a number now. For the coming session, 11850 - 11900 would be seen as next junctions and on the downside, today's gap area of 11731.55 - 11648.25 is now likely to act as a strong support zone.
Traders are repeatedly advised to stay with the flow and do not even think of going against this strong tide. Going ahead, we are likely to see lot of stock specific actions and hence, one needs to keep hunting for such potential candidates."