Stay long, 9300 to act as a sheet anchor for the day: Angel Broking

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

Technical Outlook

For the third consecutive day, our markets opened higher owing to positive global cues. It has been a great come back for our markets after undergoing few weeks of consolidation mode. In the process, the Nifty posted yet another record high beyond the 9350 mark. However, some hint of profit booking was witnessed at higher levels; but, eventually the bulls successfully managed to defend the 9300 mark and went on to post a decent close courtesy to smart recovery towards the fag end.

Today's session was slightly tricky for intraday traders as the index took a sudden nosedive in the penultimate hour; but, once again 'Trend is your Friend' proved its significance as the intraday dip was immediately got absorbed. In fact, we would interpret this small decline as a healthy development, because, it has now strengthened the price structure to continue this northward rally. In the coming session, we expect yet another milestone of 9400 to be achieved, which is the 161% retracement of the recent small dip from 9273.90to 9075.15. On the flip side, yesterday's low of 9301 would provide a decent support for the index. Traders are repeatedly advised to stay on the long side and one should continue focusing stocks that have stronger chart structure.

Source : Equity Bulls

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