November series ends on a positive note at 13000: Angel Broking

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

"Markets had a positive start today owing to favourable cues. However, this was merely a formality as we saw index immediately surrendering gains to slide inside the negative territory. In this process, Nifty went on to sneak below 12800 as the banking index too tested sub-29000 levels. Since the undertone is still strongly bullish, the mighty bulls once again pounced on this decline. In fact, the buying momentum accelreted towards the fag end to conclude the expiry day with yet another a percent gains.

The November series has been the historical one for our markets as we saw two key indices, Nifty and Bank Nifty clocking sizable gains over 11% and 22%, respectively. In the midst of all this, Nifty surpassed it's previous record high and reached the milestone of 13000. Clearly, FIIs have been the charioteer of this mesmerizing rally as they relentlessly pumped money into our market to mark the biggest single month inflows over Rupees 50000 crores. Now, coming back to the levels, 13040 - 13146 remains to be an immediate resistance zone; whereas on the lower side, 12900 - 12868 - 12790 can be seen as a cluster of supports. With today's move, 12790 - 12730 has become a sacrosanct support, till the time it is not breached convincingly, one should trade with a positive bias.

Although the overall trend has been strongly up, we still believe that one should avoid aggressive bets, rather focus on individual stocks with proper risk management. The ideal range for coming sessions would be 13150 - 12730 and till the time we do not breakout outside this range, we are likely to see trades on both sides, especially in indices."

Source : Equity Bulls

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