Nifty continues the upmove despite choppiness in broader market: Angel Broking

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

"Inspite of the sluggish cues from the global markets, Nifty started the session on a positive note and surpassed the 11700 mark. Post a surge in the first hour of the trade, the index consolidated with a positive bias throughout the session and ended at new seven-month high.

Our markets have continued with the ongoing momentum to add more gains to the recent rally. This week, the index heavyweights have led the charge one by one wherein the IT giants took the lead on Monday, HDFC twins on Tuesday and today the heavyweight Reliance propelled the index higher. However, the market breadth showed a bit divergence today as the number of stocks declining outnumbered the advances. The over bought momentum readings on the lower time frame chart and divergence in the broader markets indicates stock specific action and thus, traders should be selective in stock picking. The immediate support for the index are placed around 11680 and 11625 whereas resistance is seen around 11800 mark."

Source : Equity Bulls

Keywords