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Grand opening of a new month, 10000 in sight now: Angel Broking

Posted On: 2020-06-01 22:53:49


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

"In last three trading sessions, our markets have taken a complete u-turn from sub-9000 levels. Within no time, we were significantly off lows to reclaim 9500 on a weekly basis. The foundation was laid last week, and now easing lockdown regulations on the domestic as well as global front, resulted into a massive bump up at the opening to kickstart the new trading week. During the initial half, market extended the lead but in the latter half some profit booking was witnessed at higher levels. Despite all, Nifty ended the session convincingly above the 9800 mark.

It was certainly a great start for the new trading week as well as the June month. Last month, there was a gap down opening at the inaugural day and today precisely that downside gap area was filled to kick off the new month. Technically speaking, any significant gap which is filled by another gap is considered to be a notable development. Throughout last month, the lower end of the gap i.e. 9600-9550 acted as a sturdy wall and this time the same zone, is now likely to be seen as a sheet anchor (till the time it remains unfilled). We have now reached 9900-9950, which coincides with the '89 EMA' on daily chart and is considered to be a decent resistance. But the way charts are shaped up, the possibility of surpassing it and heading towards 10000-10200 cannot be ruled out.

For the day, 9750 followed by 9680 can be seen as immediate support. Now going ahead, we may see individual stocks giving better trading opportunities, because the way midcap index is positioned, stocks from the broader market would see some decent relief rally. It would be important to identify apt themes and then potential movers who within the respective themes."


Source: Equity Bulls

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