9079 to provide a decent support, expect stock specific outperformance in the market: Angel Broking

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

Technical Outlook

It was certainly a good start for our markets as the Nifty opened with a decent upside gap owing to cheerful mood across the Asian bourses. This was followed by a range bound action within merely 30 points band throughout the remaining session. However, the overall bias remained on the positive side and as a result; the Nifty eventually ended the session tad above the 9100 mark.

Although, we witnessed a range bound movement in index post a gap up opening, a stock specific optimism must have encouraged lot of market participants. We continue to expect such outperformance from individual stocks in the forthcoming session as well. As far as Nifty is concerned, it has precisely closed at the 'Downward Sloping Trend Line' on hourly chart. Looking at today's move, we expect the Nifty to surpass this hurdle (of 9110) and move towards 9133 - 9174. On the flipside, Yesterday's low of 9079 would provide a decent support for the index. Traders are advised to stick to a stock centric approach and expect the index to trade with a positive bias.

Source : Equity Bulls

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