Some respite on the global front, promising signs ahead of the budget: Angel Broking

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

"Today morning, there was a complete sea of green in all equity markets across the globe, mainly on the back of some positive developments with respect to US-China trade war over the weekend. Our markets too had a rub off effect of this and as a result, we opened higher well above the 11800 mark. This was followed by a consolidation throughout the remaining part; but the bias remained strongly bullish as we witnessed a series of higher highs higher lows to conclude with over six tenths of a percent gains.

We had a head start for the current week and with Union Budget scheduled this Friday, we hope to see this optimism continuing for the forthcoming session as well. As far as levels are concerned, we are facing some challenges around 11890 - 11911; but it's a matter of time, we expect this wall to get demolished soon. In fact, the kind of broad-based participation we are witnessing, 12000 seems very much on cards may be ahead or on the day of the event. On the lower side, 11830 followed by 11775 are now likely to provide decent support. In case of a decline towards the mentioned support zone, traders can take this opportunity to create longs.

As far as sectoral participation is concerned, the banking showed its dominance as some of the marquee names had a good positive traction throughout the day. Also, the entire 'Auto' pack was in focus due to monthly auto sales numbers. Some of them did exceedingly well and showed promising signs of a decent up move from hereon. Few midcaps were buzzing too and hence, going ahead the ideal strategy would be to keep focusing on such potential candidates."

Source : Equity Bulls

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