Once again Nifty rallies from 11650, expect upmove towards 12000: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"Some of the Asian peers (esp. HangSeng) were trading with decent cuts before our market opening today. The SGX Nifty hinted at marginal negative opening and in line with the same, our markets traded with a negative bias post few minutes of opening. However, the index once again reverted higher from the support of 11650 and it then rallied higher throughout the session to end around the 11800 mark.
Post a pullback move in last couple of trading sessions, the index once again tested the support of 11650 - 11630 which has been a sacrosanct during last week. Since last few days, we have been vocal on probability of a pullback move from this support and today we witnessed significant buying across the broader markets to pull the Nifty above the 11800 mark. Infact during last hour of the session, the index has also given a breakout above the resistance end of a 'Falling Channel' on the lower time frame (hourly) chart. With a firm support base formed around the above mentioned support zone, we expect the index to continue this positive momentum and resume its higher degree uptrend. The immediate resistance in the index is placed around 11845, but we expect it to be broken soon which could then lead the Nifty upto 12000 mark soon.
All the sectoral indices ended in green today, which is an indication of broad market participation. Off late, we have been positive on the banking space and selective midcaps which are likely to outperform and provide decent returns in this upmove. Traders are advised to capitalize on the same."