Nifty back to safer zone as closes above 11850: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"The Asian markets were trading with a positive bias today morning which led to an optimistic sentiment an hence, our markets too started the week with a gap up. Nifty then consolidated within a range throughout the day and ended with gains of almost a percent at 11873.
We had a good start for the week led by the Banking space which too started the day on a positive note. During the day, the Banking index led the momentum and posted gains of over 3 percent while the recent outperforming IT sector, Auto stocks and the index heavyweight RIL took a backseat. Some other sectors such as Metals and FMCG too traded with a positive bias and hence, it could be said that it was a day with a sector specific momentum. Post the hiccup seen in the last week, the Nifty is back to the safer zone and the immediate support base has now shifted higher at 11780-11820. On the higher side, the resistance is seen around the 12000 mark and once this is taken out, our markets would again gear for the next leg of the rally. Traders are advised to trade with a positive bias and look for such sectors which are in momentum and are providing good trading opportunities."