Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking
Today morning the global set up was just ideal to have a gap up opening in the market and in fact, Nifty started the session slightly higher than what SGX Nifty was indicating.
During the first half, index consolidated in a narrow range with no real momentum, but post the mid-session, we witnessed a good broad based participation to push the Nifty beyond 14700 on the weekly expiry session. Eventually, Nifty ended the session with over seven tenths of a percent gains.
Although, there was some sluggishness seen in the initial hours, market did not even challenged its first intraday support of 14550. In fact, 14600 acted as a sheet anchor and hence, there was sustained up move seen in the latter half to close inside the strong terrain. The way intraday price chart is positioned, there is a high probability that we may surpass the crucial hurdle of 14730 at the opening itself tomorrow. After this, 14818 – 14850 – 14900 are the levels to watch out for. On the flipside, 14650 followed by 14600 should be treated as intraday supports.
The key indices are slowly and steadily moving northwards; but individual stocks are attracting lot of buying interest. One should continue with a stock specific approach because the real action lies there only and thematic ideas are providing a fabulous trading opportunity. One of the notable observations is the development in ‘NIFTY MIDCAP’ index. Today, it has managed to surpass the higher boundary of the cluster of resistance by a small margin. Couple of follow up moves in this basket would provide the real impetus for the next leg of the rally. So all eyes on it now. (Share Manthan, May 6th, 2021)
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