Santa rally continues for the bulls: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Yesterday's strong close was followed by a gap up opening today as indicated by the SGX Nifty early in the morning. During the remaining part of the day, index maintained its positive posture as we saw series of 'Higher Highs Higher Lows' on intraday time frame. In last couple of hours, the buying momentum accelerated a bit and as a result, the Nifty went on to post highest ever close well above the 12200 mark.
If we refer to our last Friday's commentary, we were clearly anticipating a new high in this week and expected Nifty to head towards its near term target of 12250 - 12300. With today's strong close, the index is almost there now and we will not be surprised to see it testing mentioned levels in the forthcoming session. The Christmas party began for the bulls last week and the index is all set to have highest ever closing to see off 2019 with a bang. For the coming session, the support will now be seen at 12200 - 12163. Any decline in the mentioned zone is likely to get bought into and hence, traders are advised to continue with an optimistic stance and keep focusing on potential candidates who are gearing up for strong moves in coming days.
Sectorally it was a broad based rally in our markets and we expect this breadth to improve further as we see index entering into an uncharted territory. Although, TATA Group stock saw some beating in the final half an hour on the back some unfavourable news flow; in our sense, it's merely a profit booking before resuming their uptrend."