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Nifty reclaims 9100 amid consolidation: Angel Broking

Posted On: 2020-05-21 20:09:02


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

Yesterday's smart recovery was followed by a flat to positive opening in our market despite sluggish global cues. During the first half, the market extended yesterday's relief move and went beyond the 9150 mark. However, some indecisiveness was being witnessed at higher levels and in the process, the Nifty eventually corrected to pare down major chunk of gains. In all this, Nifty eventually managed to reclaim the 9100 mark on a weekly expiry day.

Today's first half had some action but there was some volatility seen towards the fag end, which was evident on weekly expiry day. Technically speaking, we are standing at a crucial juncture now and hence, the coming session would probably set the next path of action for our markets. As far as levels are concerned, 9150-9200 remains to be an important hurdle for Nifty. Tomorrow being the weekly close, it would be crucial to see whether we manage to surpass this hurdle or not. Any sustainable move beyond this would certainly trigger a strong upside move in the market; whereas on the flipside, 9000 becomes a make or break level now.

Today, despite we were witnessing some volatile swings in indices, individual pockets were doing well for themselves. Hence, till the time, we are stuck in a range of 9000-9200, its advisable to focus on potential movers.


Source: Equity Bulls

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