Near term outlook positive till Nifty holds support of 11100: Angel Broking

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

"Citing negative cues from the SGX Nifty, our indices opened marginally negative in today's session. The Nifty then traded in the range of 11200-11300 throughout the day and ended with a loss of seven-tenths of a percent.

Post the sharp up move seen in yesterday's session, the indices retraced some of the gains today. The Banking index which had seen a sharp up move of about 1000 points in the previous session corrected sharply by about 800 points today. Certainly, the volatility in the index is high given the wild swings that we have been witnessing since last couple of weeks. However, during this week, the Nifty has given respect to the confluence of support which was placed around 11100. Thus, till this support is intact, we are hopeful of an up move in near term and hence, traders are advised to look for buying opportunities with a stop loss placed below the swing low of 11090. On the higher side, the immediate resistance for the index is seen around 11350-11400 and a move above the same could then lead to a directional up move going ahead."

Source : Equity Bulls

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