Nifty just shy away of 13000: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):

"Nifty started the new Samvat with a gap up opening well above 12900 mark. It came off the opening high and then consolidated within a range of about 80 points throughout the day to end with gains of about three-fourth of a percent.

The market participants continued the cheerful mood post the festival and thus the benchmark index continued to clock fresh record high. The index was just shy away from the 13000 mark, but it consolidated throughout the day post the gap up opening. The recent outperforming banking index too continued its northward journey and the broader markets kept buzzing as the Midcap index hit its 52-week high. The broader market movement indicates no sign to worry as of now and thus, traders should continue to ride the trend and trade with a positive bias. The immediate support for Nifty is placed in the range of 12800-12770 whereas the hurdle is around the 13000 mark. However, we expect the index to surpass this soon and head higher to make new records. From a trading perspective, thematic ideas remain to be the flavour and hence, traders should identify such potential ideas and capitalize on the same."