Nifty gearing up to cross the 9000 mark: Angel Broking

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

Technical Outlook

After two days of minor dip, our markets opened with an upside gap taking cues from other Asian bourses. In fact, the momentum kept on accelerating as the day progressed and hence, we witnessed a decent rally with three fourth of a percent gains.

In last couple of months, Nifty has rallied more than 1000 points without giving any major correction. In between, we saw so many truncated corrective moves and today also we witnessed the same as the market suddenly bounced back before anyone could realize it. This is a clear sign of strong Bull Run and hence, we have been quite vocal since last few weeks that one should not expect any major correction in the market. In fact, market is clearly poised to hit new all time highs soon. For the coming session, 8982 would be seen as immediate resistance; but sooner or later, we expect the Nifty to surpass this hurdle and move beyond the 9000 mark. On the flipside, intraday supports are seen at 8927 - 8898 levels. Traders are advised to keep following stock specific moves with a positive bias.

Source : Equity Bulls

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