No sign of weakness, base shifted to 8790: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan - Chief Analyst - Technical & Derivatives, Angel Broking.

Technical Outlook

The Nifty index opened marginally in the positive territory and traded in a range of 60 points throughout the session. Eventually, a positive momentum in the concluding hour led the index to close almost at the highest point of the day by adding another 0.26 percent to the bull''s kitty.

Although, the Nifty index traded in a narrow range, the index precisely tested the lower end of our mentioned target range of 8920 - 8969 in last hour of the session. The market breadth was in favor of advances and thus, there were good stock specific opportunities for traders to capitalize on. Some of the index heavyweights have shown signs of strength and thus, we would continue with our optimistic stance to conclude the current derivatives expiry on a high note. In next couple of trading sessions, the Nifty index is likely to extend this rally towards 8969. Hence, we continue to advise traders to trade with a positive bias and keep holding directional long positions by trailing a stop loss now at 8790 on a closing basis. The intraday supports for the Nifty index are placed around 8850 and 8800.

Source : Equity Bulls

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