Nifty ends near 9000; the action lies in individual stocks: Angel Broking

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

"Post a long weekend, our markets started trading for the week on a flat note. However, the indices corrected post opening and then oscillated within the range of 200 points and ended the session tad below the 9000 mark.

In today's session, while the Nifty oscillated within a range 8900-9100, it was a day with more of stocks specific action. Stocks from the Pharma sector continued with their up move and outperformed the broader markets. Stocks from cement space too witnessed positive momentum today and posted decent out performance. On the other hand, the Banking and Financial sector continued with its under performance due to which, Bank Nifty corrected by more than 2 percent. The immediate support for Nifty is placed around 8900 and in today's session, the Nifty witnessed pullback move from this support couple of times. For the near term, 8900 followed by 8650 are the immediate supports for the index. Till the index holds the mentioned supports, we expect the pullback move seen during last last week to continue. The immediate resistance is seen around 9130 and once Nifty surpass this level, we expect the index to rally towards 9320 first (38.2 percent retracement of the recent correction) followed by 9500.

Traders should adopt a stock specific strategy in such market and identify stocks in momentum on a given day. It is also advisable to stringently follow the risk management strategy and book profits on positions with decent gains as well."

Source : Equity Bulls

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