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

Posted On: 2019-06-07 18:15:38

Market Outlook by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):

"The week started on a positive note as the index tested the 12100 mark on the first trading session. Post a mid-week holiday; traders were awaiting the outcome of the RBI's monetary policy meet on Thursday. The RBI announced a rate cut of 25 bps in repo which was in line with expectations of majority of markets participants. However, inspite of that the broader markets led by the banking space witnessed a sharp sell-off and Nifty ended the week below the 11900 mark.

Post the election results outcome, the Nifty has crossed the 12000 mark couple of times but has been unable to sustain above the same. During the week, the index once again witnessed correction to drag the index well below the 12000 mark. On the lower time frame chart, the index has breached below the support of a 'Rising Wedge' pattern and such scenarios usually lead to a short term corrective phase. In Friday's session, the index tested its'20 DEMA'support of 11770 and recovered from the lows. Thus, 11770 would be the crucial support to watch for in coming week and if the same is breached, then the index should continue to correct towards 11700-11615. On the flipside, the index is likely to face resistance around 11940-11980 on pullback moves. Overall, we expect the index to consolidate within the above mentioned boundaries in near term. Having said that, one should keep in mind that the higher degree trend continues to be positive and this is just a corrective phase within an uptrend. Hence, positional traders should look to accumulate stocks when the index approaches the mentioned support range.

Amongst the sectoral indices, the PSU Banks and the Pharma index were the biggest losers during the week. Traders are advised to take a stock specific approach for the coming week and trade with a proper exit strategy."


Source: Equity Bulls

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