11000 taken out, IT and Financials lead: Angel Broking
Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):
"Nifty started trading for the week with a gap up opening around the 11000 mark. This was much expected as Nifty gave a breakout from a consolidation on Friday and ended above its resistance level. After a gap up opening, index consolidated with a range and traded with a positive bias to end the day with gains of over a percent.
Today's positive move in the indices was on the expected lines and the Nifty finally surpassed the 11000 mark. The upmove was supported by a broader market participation with leadership seen from the Banking and Financial stocks at the start of the day, and then supported by the IT heavyweights in the closing hour. As mentioned in our weekly update, this upmove should ideally extend towards the 78.6 percent retracement zone at 11100-11200. Hence, traders are advised to continue to trade with a positive bias and avoid taking any contra trades. Around 11200, traders can look to book profits and take some money off the table. On the flipside, 10920-10900 is the immediate support range and traders should look for buying opportunities in any intraday declines towards the support."