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

Posted On: 2019-06-03 22:04:42

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

"The global uncertainty still continues and there has been no stopping for the recent downtrend in US markets. Earlier this morning, Dow futures was trading with a deeper cut and major Asian bourses were also a bit sluggish; but despite all this, our markets had a gap up opening to kick-start the trading for the week. In the initial trade, we did see some nervousness and hence, Nifty saw a small down tick towards Friday's close. However, at lower levels, we saw tremendous buying interest across the broader market, which lifted markets higher immediately to reclaim the 11950 mark. This was not enough, post this we had a good trended up move throughout the remaining part to conclude the day with whopping gains of 1.40% to register highest ever close that too well above 12000 for the first time.

Today, amid lot of nervousness across the globe, our markets had their own plans and chose its way to continue this march higher and this time finally 12000 has been conquered with some authority. If we refer to our recent articles, this was merely a formality and we are not at all surprised with this. In fact, soon we expect the next junction to be met which is around 12200 - 12250. We will not be surprised to see it happening in the coming session or may be immediately after that. On the lower side now, previous resistance of 12041 would be seen as immediate support followed by 12000.

Further, contrary to the conventional theory of Technical Analysis, we expect gravity defying moves in coming days despite some of the momentum oscillators suggesting an overbought condition. Mind you, in such strong trends, we may not see immediate declines in the market. Hence, it's better not be skeptical about the recent up move and should keep participating in this rally by following a stock centric approach. On the sectoral front, IT continues to show outperformance and today, despite unfavourable monthly Auto sales numbers, we witnessed a smart recovery and a follow up buying in most of the beaten down counters within this space."

Source: Equity Bulls

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