Nifty reclaims 11900, focus shifts on the broader market: Angel Broking

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

"For the third straight day our markets opened higher in-line with what SGX Nifty had indicated. After initial hiccups, index settled above the 11900 mark and then gradually extended the early morning lead. However, some profit booking was witnessed at the stroke of the final hour, which pared down major portion of gains to conclude with negligible gains. The positive takeout of today's session was the outperformance from the banking index and some decent moves across the broader market.

Clearly, the index is waiting for the major event (Budget) scheduled this Friday. We are seeing gradual rise in benchmarks but the bunch of stocks are attracting traders' attention, may be with the hope of some favourable outcome from the budget. It is good to see that we are slowly but steadily reclaiming key levels and the kind of broader market participation is seen over the past three-four days, it augurs well for our market. As far as levels are concerned, we are now approaching the major psychological junction of 12000. We were expecting index to test it ahead of the budget and we are not too far away now. Whether this happens tomorrow or not that we need to see, but even if doesn't happen, we expect index to surpass 12000 quite soon. On the lower side, 11887 followed by 11814 would now be seen as immediate supports in the forthcoming session. Looking at past few days' price action, it seems that the actual interest has shifted on the individual stocks from the broader market and hence, traders need to keep a close eye on such potential candidates, which are likely to fetch higher returns in the near term."

Source : Equity Bulls

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