No signs of trend reversal, avoid taking any contra bets: Angel Broking
Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"The index started trading for the week on a positive note and marched higher during the first couple of hours towards the 12000 mark. However, the index corrected marginally from its highs of 11989 and then consolidated for rest of the session within a small range to end at 11941, registering gains of about 50 points.
Post some consolidation in last couple of sessions, the index resumed the positive momentum today. Although the index was unable to surpass the hurdle of 12000, the overall market breadth was positive throughout the day as there were good trading opportunities seen with stock specific momentum. As of now, there are no signs of reversal and hence, we expect the index to take out the 12000 mark soon and then head towards new highs. Thus, traders are advised to avoid taking any contra bets and use intraday dips as buying opportunities. The immediate supports for Nifty are placed around 11843 and 11776. Any declines towards these supports should be used as opportunity to create longs with a positional perspective.
Amongst the sectoral indices, the Metal space continued with its last week's momentum and posted good gains even in today's session. We continue with our positive stance on this sector, and also expect the stocks from the Banking and Cement sector to join the momentum and provide good returns in near term. Traders are advised to look for trading opportunities within these space from a short term perspective."