Broader markets witness buying momentum: Angel Broking

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

"Nifty continued with the momentum seen in the tail end of last week and began the week on a positive note. However, the index oscillated within a range for rest of the session and ended around the opening level, adding gains of 0.65 percent to the previous close.

Inspite of the SGX Nifty hinting a marginal soft opening, our markets opened gap up in today's session. Although the index then consolidated within a range, the stock specific momentum was robust and the broader markets provided good trading opportunities for day traders. On the daily chart, the index has been trading within a 'Rising Wedge' formation and the higher end of the pattern is in the range of 10500-10600. Looking at the overall momentum, we are of the opinion that the index would move higher in the near term to test the above mentioned range. Hence, momentum traders are advised to continue to trade with a positive bias and look for stock specific opportunities on any intraday dips. The intraday supports for the index are placed around 10260 and 10210 whereas resistances are seen around 10440 and 10500."

Source : Equity Bulls

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