Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Truncated week in our markets started off well after US markets witnessing a strong upsurge on Friday's session. The entire Asian basket too had a great run in the morning; but we saw most of these bourses later on giving up their gains. Despite this, we managed to hold our ground and had a gradual up move throughout the remaining part to conclude firmly well inside the positive territory.
Technically speaking, we have now broken out from the recent 'Falling wedge' pattern which is visible on hourly chart. However, the momentum was lacking as we are heading into a truncated week. With today's move, we are now clearly continuing our march towards the higher end of the range i.e. 11761; in fact we will not be surprised to see it surpassing soon. Thus, we maintain our optimistic bias and advice traders not to adopt a contrarian approach. On the flipside, 11663 followed by 11629 would now be seen as immediate support levels.
Today, we had a healthy market breadth throughout the day and we expect this stock specific theme to continue for next few days. Traders are advised to keep focusing on individual stocks that are gearing up for strong moves."