Nifty eyeing all time high now, 8982 - 8826 would be an immediate range: Angel Broking

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

Technical Outlook

For the third consecutive session, our markets opened higher despite mixed cues from the global bourses. In fact, the momentum accelerated in the first half to post a new 52-week high of 8982.15. However, once again we witnessed a decent profit booking in the latter half of the day to drag the index below 8950 on a closing basis.

Our markets continued its winning streak for the fifth straight week and has now closed tad below the 52-week high. The weekly chart now looks extremely encouraging as we can see a completion of ?Bullish Cup and Handle'' pattern which we have been anticipating since last month and a half. As far direction is concerned, we would continue with our optimistic stance and expect the index to hit a new all time high soon. For the forthcoming week, we expect an immediate range of 8982 - 8826 for the Nifty. In case of a dip towards the lower end of the range, traders are advised to initiate long positions for the targets beyond the 9000 mark. We would reiterate that the trend is strong and hence, look to ride the tide instead of wasting too much time on getting worried of an overbought condition of the market. It needs to be remembered that in a strong bull run such rules of overbought territory are easily defied.

Source : Equity Bulls

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