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Head start for the new SAMVAT, 12000 on cards now: Angel Broking

Posted On: 2019-10-29 21:52:42

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

"The new SAMVAT started with a bang as most of the global uncertainty seems to have subsided in last few days. After the Muhurat trading day, we had a gap up opening with a small margin. However, right from the word go, bulls dominated the position and in fact, the momentum accelerated as the day progressed. Eventually, the cheerful day ended tad below the 11800 mark, adding nearly one and half a percent to the bulls' kitty.

Since last few days, the Nifty has been struggling to surpass the sturdy wall of 11700 and today finally, we managed to see a decisive price action beyond this crucial hurdle. Undoubtedly, it was evident to have such intraday rally after crossing 11700 and within no time, we hastened towards the next psychological junction of 11800. Our recent anticipation of breaking above 11700 has turned into a reality and hence we remain sanguine for the next immediate level of 11900 first and then a march towards 12000 is very much on cards now. In case of any dip towards 11750 - 11700, without hesitating much, one should construe this as a very good buying opportunity as we expect the previous resistance to now act as a sheet anchor for the index.

Today's rally had a broad based participation and hence should be considered as a robust one. Although, the banking index has been a notch behind, we will not be surprised to see a good catch up move from this high beta index. The Metal counters finally seem to have come out of the slumber; we expect this traction to continue in this China-sensitive space. Not to forget, the MIDCAP50 index has confirmed a breakout on daily chart, indicates improvement in the overall market breadth."


Source: Equity Bulls

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