Bulls back in action, reclaims 15150 with some authority : Angel Broking

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

"Market continues with its recent trend where the opening on Monday happens either with an upside or a downside gap. For the second straight week, markets started on a pleasant note owing to some recovery in the global markets. On the same day, Nifty managed to move beyond 14900 first and on the following day, the sturdy wall of 15000 was thrashed convincingly. Everything looked hunky dory but all of a sudden the global markets again became nervous and due to this, we witnessed a decent correction to sneak below this psychosocial level. But the market was not done with its surprises as we saw a spectacular rally on Friday to push the Nifty at 2-month high.

We always say 'All's well that ends well' and this week's price action is the perfect example of it. Out of the first four sessions, the bulls and bears had their equal share, and as expected the Friday became the real decider. The real catalyst behind this optimism was the cooling off in the global bourses as well as various asset classes. Since, our markets had the inherent strength; this development provided the impetus for the move towards 15200. Now, the way things are placed, retesting of the record high of 15431.75 looks eminent. Before this, 15220 - 15340 are the levels to watch out for. On the flipside, it is important to note that the immediate base has shifted higher towards 15000 - 14900, which is an encouraging sign.

Looking at the broad based participation on Friday, especially the way banking space is poised; we will not be surprised to head towards record high in the first half of the forthcoming week. In fact, if all the other factors support, we may see new highs also in the coming sessions. However, having said we should not become too complacent and should keep a close track of how global markets behave over the next few days. Any aberration on this aspect may again the dent the possibility of a short term rally. It's better to take one step as a time and continue with a stock specific approach by following proper risk management."

Source : Equity Bulls

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