Below is quote on Market Wrap Up - Support base shifts higher as bulls continue with the merry run by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel One Ltd
Nifty continued its momentum with a gap up opening around 18100 mark. It maintained its positive bias throughout the day and ended with gains of almost a percent above 18150.
The upmove continues as the markets rallied further post a gap up opening. The banking index showed relative underperformance as although it ended in the green, the momentum was clearly lacking in today’s session. However, the broader markets continued to do well with outperformance from the Auto pack. The immediate support for the index is now placed in the range of 18050-18000 while 18300 would be the level to watch on the higher side.
The stock specific momentum continues to be buzzing and is providing good trading opportunities for short term as well as day traders. Hence, we continue with our advice to look for sector/stock specific approach for short term opportunities.
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