Index consolidates in a range, 'IT' counters witness buying momentum: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):

"The SGX Nifty hinted at a gap up opening today and in line with the expectations, the index started the week on a positive note. Nifty rallied higher in the first half hour of the trade but it then corrected gradually to wipe out the morning gains. The index eventually witnessed some pullback in the last hour and ended the day with gains of about half a percent.

Although the Nifty rallied higher in the first hour of the trade today, it witnessed selling pressure from its resistance of 11980 and the markets witnessed more of stock specific momentum for rest of the day. During last week, the index had managed to pullback from its '20 DEMA' support around 11770 and hence, this now becomes a crucial support from a near term perspective. While the index has conquered the 12000 mark several times in last couple of weeks, it has been unable to sustain above the same and hence, it seems that the market is undergoing a time-wise correction within an uptrend. The large cap IT stocks were the clear outperformers today while the banking stocks showed some underperformance. For next few sessions, we expect the index to consolidate in a range and hence, traders are advised to trade with a stock-specific approach."

Source : Equity Bulls

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