Nifty consolidates, but border market outshines: Angel Broking

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

"Nifty started the session on a positive note around the previous day's high. However, the index did not see any follow up move and it consolidated within a narrow range and ended on a flat note.

Although we did not see any move in the Nifty, the broader markets kept buzzing throughout the day and we saw good moves in a lot of mid cap and small cap counters. The Bank Nifty also continued its relative outperformance and and surpassed the 32000 mark. In last couple of sessions ,the Nifty has consolidated within a range but the real action lies within the midcap and small cap basket. There are no signs of reversal yet and hence the broader trend continues to be positive. However, traders now need to focus more on stock specific opportunities where better trading opportunities are seen. For the coming session, the support for Nifty are placed around 14088 and 14040 whereas resistances are seen around 14250 and 14300. As the trend remains positive, traders are advised to look for buying opportunities in intraday declines."

Source : Equity Bulls

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