Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"Post opening on a flat note, the Nifty pulled a bit higher upto 11900 in the first hour of the trade. However, the index then resumed its correction and crept lower to breach the previous day's low. Just when the broader markets were witnessing a selling pressure, the index recovered smartly in the last hour of the day and rallied to close above the 11900 mark.
Although the index traded in a range in today's session, the volatility within the range was high and the pullback move in the last hour certainly bought some sigh of relief for traders. The momentum readings on the intraday chart showed a positive divergence during the day which played out well in the last hour to pull the indices higher. In last few sessions, market has given up some of the recent gains. However, this just seem to be a correction within an uptrend and hence, we continue with our advised for traders to take this dip as an opportunity to accumulate stocks for positional trades. For the coming session, 11850-11800 is seen as the immediate support zone whereas; 11960-11980 could be the immediate resistance."