Some relief in global markets, 8000 to watch out in Nifty: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Worldwide the trading screen was positive early in the morning today after US FED announcing some measures last night to support the US economy in such difficult times. Hence, we had a good bump up at the opening after yesterday's mayhem. But surprisingly, we lost all the sheen in initial trades to slide tad below Monday's low. Finally after an hour, market stabilised and started moving northwards to eventually end the session at the 7800 mark.
Since morning, almost all world markets were looking jubilant and despite we closing in the green, the reaction from our markets is not as similar as the rest of the world. Nevertheless, we have managed to defend 7500 and have shown some signs of relief today. Let see how things shape up on the global front now. If we see the relief move getting extended tonight in US markets, we would see some extension of today's move in our markets. For the coming session, 7550-7500 remains to be a key support; whereas on the higher side, 8000 is the level to watch out for. If Nifty has to continue some relief move, the Nifty needs to surpass this hurdle convincingly to head towards 8200 - 8400.
Today, the banking space again was the weakest link in the initial trades. Fortunately the sell off halted at the right time and we witnessed some recovery in banking index too. Also, the broader market saw some sustainable bounce during the day, which we hope to continue for a while."