Nifty climbs 3% with participation from broader markets: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"Nifty opened marginally positive around 9080 in today's session and corrected in first half an hour to test the support of 9000. From this support, we witnessed buying interest and the index rallied throughout the day to end with gains of over 3 percent.
Post some hiccup in the first hour of the trade, the markets witnessed good momentum from its support of 9000. Markets hinted about this in yesterday's session itself where we witnessed good buying interest in the broader markets. The index rallied with buying seen across and surpassed its hurdle of 9200. Being the F&O expiry week, stocks from the derivatives market witnessed sharp upmoves as the index gave a breakout beyond the resistance, which probably led to short covering and fresh long formations. The recent underperforming Banking and the NBFC space witnessed sharp moves and were seen taking the leadership to push the benchmark higher. With the broader markets participating, there should be a continuation of the upmove in the near term towards 9470-9500. On the flipside, 9200-9150 will now be seen as the immediate support zone.
We continue with our advise for traders to trade with a positive bias and look for stock specific opportunities with good volumes as such pockets have potential to give decent returns."