Domestic and global factors triggers head start for the week : Angel Broking
(Time Zone: UTC)
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"The positive global sentiment led to a gap up opening for our market and Nifty started the week around 14450 mark. We witnessed a follow up buying in the first hour of the trade led by the banking heavyweights and Nifty registered intraday high around 14550. For the rest of the day, the index slipped into a consolidation mode and gave up some of the gains, but it still managed to end with gains of a percent at 14485.
Post the last hour dip on Friday, all eyes were set on today's opening as we had a terrible start at opening in last couple of weeks. However, this time we had a gap up opening led by positive global cues and a good momentum in the banking space post ICICI Bank results. Now, with last three trading sessions of pullback, Nifty has approached its '20-day EMA' at 14570 which is a crucial short term barrier. A move above this, will lead to some momentum towards the next resistances of 14650 (Hourly 200 SMA) and 14750 which is the trendline resistance arrived by joining recent swing highs of this corrective phase. On the flipside, 14380 and 14270 would be seen as immediate supports. With a cluster of above mentioned important supports and resistances on the index, it would be interesting to see where the index heads in the near term. With these levels on the tab, traders should look to trade with stock/sector specific ideas where better opportunities could be seen."