Index resumes momentum after some consolidation: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"The index started the day marginally positive and rallied sharply in the first hour of the trade to re-test the 11600 mark. Although the index traded with a positive bias, the intraday volatility remained high in both Nifty as well as BankNifty. The Nifty ultimately ended the day with gains of over a percent.
Post a minor correction for a couple of sessions, the indices resumed the positive momentum in today's session. The recent gap area of 11470-10380 acted as a support and the broader markets again witnessed buying momentum. Clearly, since the near term trend is positive, traders and investors have seen this decline as buying opportunity. As of now, the trend continues to be positive wherein the above mentioned range is the immediate support. On the flipside, the swing high around 11700 is the immediate resistance to watch. We continue with our advice or traders to trade with a positive bias.
Amongst the sectoral indices, the BankNifty rallied sharply in the first hour of the trade as most of the private sector heavyweights from the sector again witnessed good momentum. We continue to remain upbeat on this space inspite of the rise in volatility. Along with this, many stocks from the broader markets have been witnessing upmoves with good volumes. Traders are advised to pick such stocks which are likely to outperform in near term."