9400 defended successfully on closing basis, expect some recovery: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan (Equity Technical Analyst, Angel Broking):

Technical Outlook

Today, we witnessed a gap up opening with a decent margin; but, as we generally see in such kind of market, all this early morning lead got sold into. In fact, during the day, the Nifty sneaked tad below the 9400 mark. However, the index managed to find some support at lows and hence, the Nifty eventually reclaimed this psychological support on a closing basis.

Similar to previous session, we witnessed a lot of stock-specific damage in the market. Fortunately on the index front, no major support has been violated. As mentioned in the earlier article, we would continue with the positive bias as long as Nifty manages to hold the important support of 9372. In fact, we are of the opinion that if there is any decent correction has to happened, it'll most probably happen only after touching the magical figure of 9600. Considering the recent activity in individual stocks, traders are advised not to take aggressive positions in the market and one needs to be very selective while picking up individual stocks.

Source : Equity Bulls

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