Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"Tracking the mixed cues from the Asian peers, our markets started the week on a flat note. The index then consolidated in a range throughout the day and ended around the 11700 mark.
As mentioned in our previous report, the Nifty seem to have formed a support base in the range of 11650-11630 as we had witnessed buying emerging in this range during last week. Last two trading sessions have retraced some of the recent gains and if we analyze the lower time frame charts, the index has retraced about 78.60% of the previous up move around today's low of 11670. Tomorrow's move could be crucial as a follow up buying could lead to a near team positive momentum towards 11820-11850. Hence, traders are advised to avoid taking contra bets and trade with a positive bias till the earlier mentioned support is intact.
Amongst the sectorial indices, BankNifty has indicated some outperformance in last few trading sessions. Hence, stocks from this sector along with some quality midcaps are likely to give some decent moves in near term."