Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"Similar to the previous session, the index opened marginally negative today and the opening weakness was seen as a buying opportunity by market participants. The indices rallied higher from the opening ticks and traded with a positive bias throughout the session to end around the 11850 mark.
In yesterday's session, the Nifty index had given a breakout above a 'Falling Channel' on the lower time frame (hourly) chart and in line with the expectations, the index showed a follow up and rallied higher today to surpass the recent swing high of 11843.50. As highlighted yesterday, the index seem to have resumed its higher degree uptrend post forming a support base around the recent low of 11650-11630 and a broad market participation in last couple of sessions provides credence to the same. Going ahead, we expect the momentum to continue upto the 12000 mark and then towards new highs as well. Hence, traders are advised to continue to trade with a positive bias from a near-term perspective.
Stocks from the 'Banking' and 'Midcaps' space witnessed good momentum and have shown outperformance in last couple of sessions. Along with it, the stocks from the metal space were in limelight today as the 'Nifty Metal' index has given a breakout from consolidation phase. We expect the stocks from this sector to participate in the upmove and provide decent returns going ahead."