Nifty resumes its momentum and surpass the resistance: Angel Broking

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

"The index started the session on a flat note today, however it rallied higher in the first hour of the day upto 11340. It then consolidated below that level and resumed the positive momentum at the end and tested the 11400 mark in last half an hour.

Post testing the '20 DEMA' and the Rising trendline support around 11100, Nifty showed a mild recovery in yesterday's session and ended around the mid-point of the recent trading range of 11100-11370.However, today it resumed the positive momentum and surpassed its swing high of 11370. Such breakouts usually leads to a continuation of the trend and the overall market breadth too is in favor of the bulls. The follow up move in the coming session will be important as if the momentum continues, then it will lead the index towards 11465 followed by 11625. These are the projections done by the reciprocal retracements of the recent corrective move. On the flipside, 11250 will now be seen as an important support.

In last few sessions, inspite of the consolidation in the index, the stock specific moves have provided good trading opportunities. We continue with our advise for traders to look for such potentials and trade with a positive bias."

Source : Equity Bulls

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