Stay with the flow; keep utilizing such dips to create longs: Angel Broking

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

Technical Outlook

A decent intraday rally on Monday was followed by a gap up opening with a small margin citing favorable global cues. However, similar to last Thursday, we witnessed a strong selling pressure right from the opening trade, leading to almost 'Open High' kind of situation for the market. Due to a gradual decline within a small trading range, the Nifty ended the session tad below the 8950 mark with a nominal loss.

This has been third unsuccessful attempt in last couple of weeks to surpass the 9000 mark. However, looking at the overall price development in last 2 - 3 trading sessions, we expect the Nifty to move beyond it and even may hit the new high soon. Thus, traders should continue with a buy on dips strategy and should stay away from creating fresh short positions in the market. For the coming session, 8914 - 8860 remains to be a strong support zone; whereas, 8993 would be seen as immediate hurdle which we are anticipating to be broken soon.

Source : Equity Bulls

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