By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Post the sharp upmove in a couple of sessions, the index consolidated in a range yesterday and ended around the previous session's close. The broader markets witnessed a stock specific momentum as the Nifty traded in a range. Nifty has formed a 'Doji' candlestick on the daily chart which indicates indecision amongst the market participants. However, given that the index has rallied very sharply in just two trading sessions, such range bound session should just be seen as a pause within an uptrend. Hence, traders are advised not to take any contra trades in anticipation of any reversal; rather one should use a 'Buy on Dips' strategy and look for buying opportunities.
For intraday, 11539 will be seen as initial support followed by Monday's gap area of 11470-11380. On the flipside, 11655-11700 is seen as the immediate hurdle on the upside."