Financials lead to help index surpass hurdle of 9400: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):

"Nifty opened marginally positive above the 9400 mark today and continued with the momentum throughout the session to add gains of about 170 points and end the day above 9550.

In yesterday's session, we did see a good momentum and there were signs of a breakout beyond the recent consolidation high of 9400. The index surpassed the hurdle today at opening which was then followed by a broad participation to lead the index well above 9500. The momentum clearly seems to be in favor of bulls as of now as the recent under performer banking index too have witnessed buying interest in last couple of sessions. As mentioned in yesterday's outlook, the immediate target zone of the ongoing move is seen around 9600-9700 while the support base has now shifted higher to around 9250-9300. Traders are advised to trade with the momentum and ride the short term trend until any reversal signs are seen.

Yesterday, we mentioned about possibility of the stocks from banking and financial space showing some upmove to cover up the recent under performance. Today, we witnessed good momentum from the heavyweights such as HDFC, HDFC Bank, Bajaj Finance etc. Traders are advised to look such pockets which are taking the leadership and trade in such stocks with a positive bias."

Source : Equity Bulls

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