12000 or beyond not too far now: Angel Broking

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

"We had a positive start today as indicated by the SGX Nifty early in the morning. However, similar to yesterday's session, Nifty gave up this opening lead in first 40 - 45 minutes of trade. Fortunately, the buyers were all prepared to capitalise on this opportunity and hence, due to sustained buying, we saw Nifty successfully conquering the recent hurdle of 11900 on a closing basis by adding nearly half a percent to the bulls' kitty.

With reference to our previous article, we have been quite upbeat on the market and have been advising buying in any intraday declines that market is offering since last few days. Today too, we saw similar thing working well for us and as expected Nifty finally managed to surpass the first hurdle of 11900 on a closing basis. The major charioteer for this move was clearly the banking pack which has been showing some encouraging signs since couple of days. The way both indices are shaped up, 12000 or beyond is not too far now for our markets. Hence, we remain sanguine and expect the immediate support base to shift higher towards 11867 - 11802.

It is observed since last few days that market is giving high regards to individual themes that are playing out well in the market. On Friday as well as yesterday, it was the Metal and Pharma counters that kept shining and today the day clearly belongs to the PSU Banking names who gave a stupendous move. Such themes are likely to continue and hence, traders should look to identify them slightly early to take the benefit of early entrance."

Source : Equity Bulls

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