Nifty claims 11450 on weekly expiry: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"After the sharp sell-off in three trading sessions, the U.S. markets rebounded sharply which had a positive impact on our markets at opening. Nifty opened gap up and continued the upmove towards the intraday resistance of 11450. The decline from there was bought into and the index resumed the momentum in the last hour to end the weekly expiry day around the high point with gains of one and a half percent.
Post the recent correction from the highs, Nifty had shown some signs of pullback from its support of the 'Wolfe Wave' pattern in yesterday's session itself. The positive global markets provided support at opening and then once again, the heavyweight Reliance Ind took the leadership to pull the markets higher. The momentum clearly has changed again in favor of the bulls and hence, we could see more upside in the near term. However, the banking space continued to be the laggard and underperformed the benchmark which remains a worrying factor. The immediate resistance for the index is now seen around 11500 (higher end of the recent downside gap) followed by the swing high of 11585. On the flipside, immediate supports for Nifty are now placed around 11360 and 11300. As advised in our yesterday's outlook to avoid shorts and look for buying opportunities, we continue with this approach for short term traders to capitalize on stock specific opportunities."