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March towards 12k continues, PSU stocks are on a roll: Angel Broking

Posted On: 2019-10-30 17:05:29

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

"Yesterday's strong broad based rally was followed by a decent bump up at the opening today. However, it was merely a formality as we immediately witnessed index correcting back to its previous close. Fortunately, the correction was restricted within first half an hour and thereafter, index continued its gradual march towards the opening point. Despite some small hiccups in the latter half, index managed to close well inside the positive territory.

Looking at yesterday's price development, we sounded extremely gung-ho on the market and the opening today was very much on expected lines. However, the follow up move was clearly missing, especially in the banking space. Nonetheless, we still remain sanguine and expect this rally to extend towards the next immediate level of 11900 first and then towards the magical figure of 12000. Any intraday dip is likely to be bought into and hence, without hesitating much, one should use dips to go long as long as previous day's low is not broken. For the coming session, 11800 - 11784 would now be seen as immediate support base.

Although, the overall intraday movement in index was a bit lethargic, there were many individual themes that played out well in the market today, amongst which PSU sector was clearly on a roll. Do keep an eye on this along with the midcap universe."


Source: Equity Bulls

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