Do not get carried away by such corrective moves, 9160 - 9114 to provide a decent support now: Angel Broking

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

Technical Outlook

Today's session began with a decent downside gap mainly on the back of geopolitical concerns. Subsequently, looking at first half's recovery it appeared as if the index once again shrugged off negative cues and is in process of giving a strong close above the 9250 mark. However, we witnessed a strong bout of selling in the penultimate hour to drag the index even below 9200 on a closing basis.

Nifty closing below 9200 as well as '5-day EMA' is not a good sign for our market; but, looking at the broader degree chart structure, we do not want to consider it as a worrisome factor. The index has already rallied substantially in last three months without any major correction, so such intermediate corrective move is an integral part of the market. Going ahead, we may see some consolidation or minor profit taking moves; but the undertone remains bullish and we would continue with our 'buy on dips' strategy in the market. The immediate support zone is seen around 9160 - 9114 for the forthcoming session. On the flipside, 9250 - 9268 levels would remain as intraday resistances.

Source : Equity Bulls

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