Buying likely to emerge from hourly ''89 EMA'' level of 8850 - 8840: Angel Broking

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

Technical Outlook

It was yet another day of consolidation for our market with a slightly negative bias. However, so many individual stocks soared during the session, indicating stock specific activity in the market. As far as index is concerned, the Nifty remained within a narrow range and eventually ended the session well below the 8900 mark with minor losses.

Now, with reference to our earlier article, Nifty continued its consolidation phase; but outperformance from individual stocks was clearly visible throughout the day. We reiterate that our directional view remains unchanged (bullish) and we expect the index to hit new all time high soon. For the coming session, 8850 - 8840 would act as a strong support and we expect buying emerging from this strong support zone of ''89 EMA'' on hourly chart. Hence, any dip would be a buying opportunity and meanwhile as witnessed in today''s session, one should keep concentrating on individual stocks which are likely to fetch higher returns. On the other hand, 8915 - 8952 would be seen as immediate hurdles.

Source : Equity Bulls

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