Dec 24, 2012, 01.06 PM IST
Angel Broking has come out with its report on technical’s of market. The research firm continues to remain positive on the market; any corrective move towards 19000 – 18900 / 5800 – 5750 levels should be used by positional traders as a buying opportunity, the firm adds.
Angel Broking has come out with its report on technical’s of market. The research firm continues to remain positive on the market; any corrective move towards 19000 18900 / 5800 5750 levels should be used by positional traders as a buying opportunity, the firm adds.
On Friday, our benchmark indices traded with negative bias throughout the day to close with a loss of more than a percent. This was primarily on the back of negative sentiment in global markets. Realty was the most beaten down sector, followed by Metal and Healthcare counters. Unfortunately not even a single sector closed in green territory. The advance to decline ratio was strongly in favor of declining counters (A=979 D=1939) (Source www.bseindia.com).
A move beyond this level would result in an extended rally towards 20050 20218 / 6000 6070 levels. Considering the overall weekly chart structure we continue to remain positive on the market and any corrective move towards 19000 18900 / 5800 5750 levels should be used by positional traders as a buying opportunity.
Generally, it is observed that during the last week of the December month, the volume activity is very low and hence, market’s trading range becomes narrower towards the year end. However any adverse developments in the US, with regards to the ‘Fiscal Cliff’ may result in enhanced volatility in the market.
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To read the full report click here
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