Market rebounds amid positive global cues: Angel Broking

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

"Today, our markets kickstarted the new trading week with a good bump up of more than 100 points in Nifty. In fact, the buying momentum accelerated right from the word go and during the first half, Nifty hastened beyond the 9350 mark. However, once again the Nifty struggled to pass through the stiff hurdle of 9400 and hence, due to some profit taking, the index closed tad below 9300.

We have been mentioning since last few days that the market has slipped into a consolidation mode and hence, despite valiant attempts around 9400, the Nifty is unable to traverse this sturdy wall. It appears that the market is awaiting for some strong trigger to come out of this recent congestion. In our sense, if Nifty has to give a breakout, it should happen in next 2-3 sessions. If it fails to do so we may see long consolidation (due to lower market participation) or it would result into a decline towards 9000-8900 levels. Thus next couple of sessions would be quite crucial for our markets.

Now as far as support levels are concerned for the coming session, traders should keep a close eye on 9250-9200 levels. At present, the pragmatic approach would be to stick to a stock centric approach."

Source : Equity Bulls

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