Technical & Derivatives Report 4th March 2020: Angel Broking

Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"Quite similar to the previous session, our markets witnessed a gap up opening however in yesterday's session the bias remain buoyant as Nifty ended with gains of 1.53% tad above 11300.

The last hour sell-off on Monday got defended around the psychological level of 11000 which coincides with the lower end of rising channel pattern. Respecting the key levels with oscillators in oversold zone resulted in a smart bounce in yesterday's session ending its last seven day's losing streak. Now after a recent sharp fall it will be quite early to decide whether this is a genuine pullback or just a dead cat bounce. For the coming session, if index continues with its yesterday's positive momentum then we may see index entering the bearish gap area between 11384.80 - 11536.70 levels. Whereas on the flip side, 11210 - 11130 will now act as an immediate support zone. Traders are advised to have stock specific approach which can give trading opportunities on both the side of the trend."

Source : Equity Bulls

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