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Market seemed cheerful on the appointment of new RBI Governor: Angel Broking

Yesterday morning, everyone was scared looking at the SGX Nifty, which was trading with much deeper cuts. There was lot of uncertainty looming over on the outcome of the five state elections and the abrupt resignation of the RBI Governor Mr.Urjit Patel. All these events are behind us now and in fact, with the appointment of new Governor, market looked a bit cheerful as we started the proceedings with a decent upside gap. This was followed by a good steady broad based buying throughout the remaining part; in fact, due to complete gush towards the fag end, Nifty managed to reclaim 10700 convincingly and eventually ended with handsome gains of 1.79%.
Nobody would have thought of the kind of trading day we had today although, yesterday’s v-shaped recovery from lower levels hinted us towards the positivity post the event. We had stated about Nifty testing 10620 – 10704 after crossing the intraday resistance of 10567 and this is what we saw today. But, the kind of momentum we saw is quite mesmerizing. So many individual pockets had eye popping moves and thereby gives some kind of conviction. Now, index has managed to surpass the key hurdle of 10700; but going ahead, it would be a daunting task to keep the momentum intact as we may see cluster of resistances in the zone of 10800 – 10833. Looking at the broad based rally, these barriers are likely to be crossed; but it’s always better to take some money off the table looking at the price developments during the market hours. As of now, we advise traders to remain positive and should focus on individual stocks which may provide better trading opportunities. On the downside, 10700 and 10634 are seen as key support levels.”

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