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Global uncertainty easing off one after another, bodes well for the bulls: Angel Broking

Posted On: 2019-10-17 17:49:26

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

"Today morning, we had a flat opening despite most of the Asian bourses trading in a positive terrain. We consolidated throughout the first half before we could breakout from intraday hurdles as we stepped into a second half. The way broader market was buzzing, it looked like as if it is sensing some positive development. This anticipation turned into a reality once we saw favourable updates with respect to 'BREXIT deal' just at the stroke of the penultimate hour. This resulted into a complete gush in the market especially in few 'BREXIT' sensitive stocks, that flew in a flash as if there is no tomorrow. Eventually the benchmark index Nifty managed to close almost at the highest point of the by adding over a percent gains to the bull's kitty.

Last few days have been lethargic in terms of index movement but if we look at it meticulously, the overall breadth has improved drastically and the way institutional buyers finally started participating, it seems to be forming some platform for the near future. Although the recent movement has not been so swift, with today's strong move, we are almost back to recent highs. And to provide some credence to this development, the recent underperformer banking index, seems to have come out of its slumber today. Technically speaking, the Nifty is now placed at a crucial junction, which may probably set the tone for next few weeks or few months. On the daily chart, we can see prices approaching the psychological barrier of 11600 which coincides with very important neckline of 'Inverse Head and Shoulder' pattern. We have been upbeat in recent declines also and the way we are shaped up now, we will not be surprised to see a gap up opening tomorrow beyond 11600. This will trigger immense positivity in the market to extend this rally towards 11800 first and then a continuation towards 12000 also cannot be ruled out. On the flipside, 11480 would now be seen as immediate support base for the day.

We had a good broad based rally today and more importantly some of the event sensitive stocks had shown bottoming formation. Traders can certainly keep a watch on Tata Motors, Tata Steel, Tata Elxsi, Motherson Sumi and also other counters from the Auto and Metal spaces which may have a rub off effect of the same."


Source: Equity Bulls

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