Staying with the trend paid off, 9600 on the cards: Angel Broking

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

Technical Outlook

It was a kind of day that we were looking for since last 2-3 days. Our markets opened higher and immediately added some gains in the initial hours. Subsequently, we witnessed some consolidation in the market; but, the moment Nifty surpassed the intraday hurdle of 9420, we witnessed a sort of gush in the market. As a result, the index eventually went on to close this May (F&O) series on a happy note.

Now, with reference to our recent reports, we remained firm on our bullish stance on the market despite seeing some correction below the 9400 mark. In fact, we were quite vocal about the probable bounce back towards 9500 first and then to achieve the next milestone of 9600. Due to today's spectacular move, our first level has been reached and now a move towards 9600 is just a matter of time. Traders are advised to stay on the positive side and use any intraday decline towards 9480 – 9450 to create long positions in the market. At this juncture, a prudent strategy would be to concentrate on individual stocks that are likely to fetch higher returns.

Source : Equity Bulls

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