Weekly expiry ends at new high despite early hiccup: Angel Broking

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

"Nifty started the session on a flat note today and consolidated within a narrow range for the first hour of trade. However, the index witnessed buying interest in this initial dip and then Nifty gradually moved higher for the rest of the day to end with gains of over 100 points.

The early hiccup in the first hour of trade witnessed a good buying interest and the markets then continued its momentum to end the weekly expiry around 14900. The banking index continued its outperformance and the broader markets too saw good momentum. As of now, the momentum continues to be bullish as even minor intraday dips are getting bought into. Hence, traders are advised to continue to trade with a positive bias and look for stock specific opportunities. As far as levels are concerned, Nifty has ended near the rising trendline at 14900 and a continuation of this upmove should lead the index towards 15070. On the flipside, the immediate supports for Nifty are placed around 14770 and 14640."

Source : Equity Bulls

Keywords