Nifty rallies 1000 points in couple of sessions: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"The Nifty started the week on a cheerful note and continued the previous session's optimism as it opened with a gap up of about 270 points. During the day, the index rallied higher to almost test the 11700 mark and then consolidated during later part to end around 11600, adding more gains of over 300 points.
In mere couple of trading sessions, the Nifty has rallied from the low of around 10700 to almost test 11700. Traders and investors have certainly cheered to the steps taken by our FM on Friday and the party continued in today's session as well. Many of the large cap stocks have participated in the upmove in last couple of sessions and the volumes in this upmove too have been good. This is a positive sign and hence, we continue with our advice for traders to trade with a positive bias. Given the sharp upmove, it is a bit difficult to time entry now for those who have already missed the bus. But, we believe that this rally has more legs to unfold and hence, one should use buy on declines strategy and look for stock specific opportunities which are likely to outperform hereon. The immediate support for the index is placed in the range of 11400-11300 whereas the near term resistances are seen around 11705 and 11800."