Strong global cues helps Nifty reclaiming 14750: Angel Broking
(Time Zone: Arizona, USA)
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"The Asian markets traded firm in the morning as the U.S. stimulus package led to optimism amongst market participants. In line with these global cues, our markets too opened on a positive note above the 14700 mark. The index then traded within a range wherein the intraday dip around noon witnessed buying interest and the index ended with gains of over and and a half percent at 14760.
It was a day of relief post the carnage that we had seen in Friday's session in the key indices. The global markets cheered on the back of the passage of U.S. stimulus package. In today's session, there were a lot of sector/stock specific action especially from the broader markets which kept buzzing throughout the day. Technically, we would consider this as a pullback move as of now as we have a 'Lower Top Lower Bottom' structure on Nifty and until that is violated again, we are not out of the woods yet. Hence, it would be prudent to avoid aggressive trades at the moment and rather be very stock specific for trading till we resume the broader uptrend. On the upside, 14900-15000 will be the immediate resistance range of the index and one should look to lighten up trading longs on pullback towards this range. A move above the recent swing high of 15178 will only negate the recent short term corrective structure. On the flipside, 14630 followed by 14500 are the immediate supports for the index."