Nifty reclaims 13100, highest close ever: Angel Broking

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

"After an extended weekend, our markets opened higher on the back of cheerful mood across the globe. However, within the first five minutes of trade, the index pared down all gains, which again did not last too long. Market saw some indecisive volatile swings in the initial trades; but then got settled with it's broader degree up trend. During the remaining part, we witnessed a sustained up move to reclaim the 13100 mark, registering highest close ever.

Today's move indicates how strong the overall trend has been, because all declines in the recent past are comfortably getting bought into. For the coming session, 13150 is the immediate level to watch and after surpassing it, we may see an extension of the move towards 13225 - 13300 levels. However, when everything looks so hunky dory, it's advisable to be a bit pro active as well. As a momentum trader, there is no harm taking some money off the table and hence, we advocate staying light from here on.

It's advisable to continue with a stock specific approach and take one step at a time.As far as support levels are concerned, 13020 followed by 12914 are to be seen as key points."

Source : Equity Bulls

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