Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking Ltd)
"After seeing some profit booking on Monday, the Nifty index opened on a positive note around 11700 in today's session. The index then consolidated for major part of the day in a narrow range and resumed the positive momentum in the last hour to post gains of about four-tenths of a percent.
Although the index consolidated for most part of the session today, the index did not breach the support which was the low of the 'Doji' candle formed on the previous day. The last hour of the session again witnessed buying interest and the index ended tad below the previous all-time high. In our previous reports too, we have been vocal about the prediction of Nifty reaching its new high soon and we are now quite close to achieve the milestone. As of now, there are no signs of reversal on the charts and hence we still continue with our advice to trade with a positive bias and avoid taking any contra bets.
The gap formed at the start of the week at 11630 will be seen as a crucial near term support and only if the same is breached, then we can see some profit booking. Traders should keep focusing on individual stocks that are showing strength with good volumes; as such stocks are likely to provide good returns in near term."