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9000 reclaimed, expect further recovery: Angel Broking

Posted On: 2020-05-20 22:29:47


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

"Today, markets opened on a flat note very much in-line with muted global peers. But the relative underperformance continued if we compare with the recent move in most of the global peers. Post the flat opening, our markets made a valiant attempt to surpass the 9000 mark. But once again this acted as a sturdy wall and hence, we saw some profit booking from morning high. Finally, at the stroke of the penultimate hour, strong buying emerged across the board (especially in few heavyweights), which lifted markets higher before anyone could realise. Eventually Nifty ended the session with over a couple of percent gains.

Finally, today we managed to conquer the 9000 mark convincingly. And this is what we have been alluding since last couple of days. We were a bit sceptical of the decline that we were seeing. In addition, yesterday's daily candle confirmed a bullish 'Homing Pigeon' pattern and today's up move has certainly proved its worth. Going ahead, we expect the Nifty to continue this upward trajectory towards 9150 - 9220 levels. On the flipside, 9000 - 8932 would now provide a decent support for the market. Traders can use intraday decline to create long positions on weekly expiry day.

The Banking index once again proved to be the weakest link till the penultimate hour. But fortunately, some of the financial stocks picked up strong momentum in the last hour and in the process, the Bank Nifty too participated considerably in the last hour surge. Lot of other pockets too had good positive traction and hence, traders can start picking other sectoral movers as well."


Source: Equity Bulls

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