Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"The Nifty index opened on a positive note yesterday and corrected marginally from the opening ticks in the first hour of the trade. However, the index rallied higher from the 11900 mark to test the 12000 level during the day. It eventually ended the day near the opening levels.
Post testing the '20 DEMA' support of 11770, the index has seen a pullback move in last three trading sessions. One of the symmetry in these three session have been observed that the index has opened on a positive note and post intraday moves on both the sides, there has been formation of 'doji' candlestick in these three days. We believe that the index is undergoing a time-wise correction within an uptrend and hence, traders need to trade with a stock-specific approach. In the coming session, 12030-12050 will be seen as immediate resistance as there is a confluence of key retracement levels in this zone. Since the index has resisted around this zone in the recent past as well, it needs to sustain above the same with broader market participation for a continuation of the uptrend. On the flipside, 11870 followed by 11770 are the key near term supports."