9130 - 9050 to provide a rock solid support, use dips to buy: Angel Broking

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

Technical Outlook

Fortunately, the rising geopolitical tensions over the weekend did not have any rub off effect on our market. The index opened marginally in the red and traded within a narrow range of 40 points throughout the session to conclude with a negligible loss. So overall, it's been a quite day for our markets as we did not break any important support level during the day.

With reference to our earlier articles, the Nifty seems to have a cluster of support in the range of 9130 - 9050 levels. If we look at today's modest recovery after posting a low of 9120.25, this mentioned support zone has showed its significance and hence, we continue to remain upbeat on the market as far as the direction is concerned. On the flipside, 9180 is now likely to act as an intraday hurdle. The positivity would resume only once the index manages to surpass this resistance convincingly. In this case, we would expect resumption of the recent uptrend towards 9226 - 9246 levels.

Source : Equity Bulls

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