New record highs for the index, broader markets rally: Angel Broking

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

"Post a positive close in the US markets yesterday, the Asian markets were trading in the green and this led to a positive opening for our markets as well. After opening marginally positive, the index rallied higher throughout the day and ended the session at new record highs to register gains of almost a percent.

Inspite of a tepid start for the week, the index resumed its momentum in today's session and rallied higher to register new record highs. Post the recent corrective phase; the index had resumed the uptrend during last week and today's move could be seen as continuation of the ongoing uptrend. In today's session, the broader markets too participated well as stock specific moves provided much better returns for intraday and short term traders. We expect this momentum to continue for Nifty to march towards its target zone of 12250-12300. The support base for the index too has now shifted higher to 12075 followed by 12000 mark. Hence, we continue with our optimistic stance on the index and advise traders to trade with a positive bias.

Amongst the sectoral indices, the Metal space started the day on an optimistic note and rallied higher in initial couple of hours. However, as the index went on clock new highs, the broader markets too witnessed good momentum wherein many of the midcap stocks witnessed good volumes as well. Traders are advised to focus on such names from the broader markets which are witnessing good volumes as such propositions are providing good trading opportunities."

Source : Equity Bulls

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