Index consolidates at record highs: Angel Broking

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

"Our markets started the week marginally higher following the positive global cues. However, the index consolidated within a range for most part of the day and managed to close with gains of one-third of a percent.

The markets continued its momentum at the open and almost tested the 13600 mark. However, it panned out to be a day of consolidation as the indices then traded within a narrow range for most part of the day. The broader trend continues to be positive and there are no signs of reversal yet. However, the broader market index is trading at its important juncture and hence, next few sessions would be important to determine whether there would be any pause to the on-going up move. The Nifty index has formed back to back 'Doji' candles in the last couple of sessions. The immediate supports for Nifty are placed around 13470 and 13400. Any breach below these support would signal the possibility of an immediate profit booking. Until then, once should continue to look for stock specific trading opportunities. On the flipside, the immediate resistances for the index are 13600 and 13670."

Source : Equity Bulls

Keywords