Financial stocks push Nifty at new high beyond 15300 : Angel Broking

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

"After a brief pause last week, our markets resumed their upward momentum on the back of global optimism and encouraging macro numbers. Barring an initial small decline, the index slowly and gradually kept marching higher to add another percent to the bull's kitty and importantly marking a fresh record high beyond 15300. Undoubtedly, today's move was mainly propelled by the financial space as we can see the top seven contributors in Nifty today, are from this space only.

Last week, we witnessed some breather in the market after a marathon rally post Union budget. Today, the momentum was once again provided by the financial stocks and hence we saw only BANKNIFTY extended the gains throughout the day; whereas some of the other heavyweights spaces, went sideways. Now, although the overall trend has been strongly bullish and markets are not willing to correct at all, it would be very difficult to give bigger upside levels from hereon. We can observe a cluster of resistance in the zone of 15380 - 15500, which is the 161% 'Golden Ratio' of the entire fall from Jan'20 highs to March'20 lows. Hence, we advise momentum traders to keep booking profits in the ongoing rally and stay light on positions. On the flipside, 15250 - 15150 is to be seen as immediate supports. The major support is at 15000 and any decisive move below this level would lead to some decent profit booking in the market.

Yes, we agree to the fact that the bulls are completely on rampage, but we do not want to get complacent at all. One needs to be constantly keeping a tab on all important levels and, should avoid aggressive bets in the market."

Source : Equity Bulls

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