13000 is merely a formality now: Angel Broking

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

"Nifty started the day on a flat note and witnessed a minor dip in the first couple of hours. The index managed to find support tad above the 12800 and then it witnessed upmove at the end to post gains of half a percent at close.

The benchmark consolidated within a range for most part of the session, but the broader markets kept the momentum going and thus we saw a frenzy move in a bunch of high beta names. The midcap index inched higher at its two years high and the Nifty is just a kissing distance away from the record 13000 mark. Bank Nifty continued with its rally and once again outperformed the benchmark today. As there are no signs of reversal, we continue with our advice for traders to trade with a positive bias and look for stock specific opportunities from a short term perspective. Once the index surpass this psychological mark of 13000 which now just seem to be a formality, 13100-13200 would be the zone to watch for the index immediately. On the flipside, 12800-12770 is the immediate support and until we see any violation of short term supports, traders should avoid taking any contra trades."