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Below are Quote on Market Wrap Up - Nifty gathers momentum and is now geared up for new highs by Mr. Ruchit Jain, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

Nifty started the day on a flat note and consolidated within a range in the first half of the day. However, it gathered momentum in the last couple of hours and ended the day tad below 15900 with gains of less than half a percent.

Since last few weeks, the index has consolidated within a range where the bulls and bears come into action as the index reaches the extreme end of the range. However, since we are trading in an uptrend, the bulls clearly seem to have an upper hand as the declines are getting bought and although the index is within a range, the stock specific action is clearly positive. Now, if we apply ‘’Bollinger Bands’’ on the daily chart, then it is seen that the bands have narrowed significantly and we should soon see a breakout. Given the kind of stock specific momentum and the placement of the Banking index, we expect the market to resume the uptrend soon and could see the index surpassing the 16000 mark in next couple of sessions. On the flipside, the support base is shifting higher and 15800-15750 is now seen as the immediate support range. Hence, traders are advised to trade with a positive bias and look for buying opportunities.

  The banking index has shown a relative outperformance in this week so far and other sectors such as Metals, Realty and Midcaps are also gaining momentum. Traders should look to ride the trend in stocks from these sectors which could provide good returns in the short term.  

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