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Below is quote on Market Wrap Up - Nifty continues to create new records and surpasses 17000 mark by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking

Nifty started the day on a flat note but continued with the momentum and surpassed the 17000 mark for the first time. Minor intraday dips in Nifty were getting bought and it witnessed a sharp surge in the last hour of the trade to post gains of over 200 points and close well above 17100. The August month proved its historical significance and Nifty has posted gains of 8.69 percent in this month.

Finally 17000 is now a reality and it has been a remarkable journey for the benchmark to achieve this milestone. The move from 16000 to 17000 took just 19 sessions and the momentum has accelerated this week as we have seen back to back days with index posting gains of over 200 points. Although the banking index did not see a similar momentum today, there was a broad market participation with outperformance from IT and the Metals pack. The trend continues to be positive and hence we also continue with our optimistic approach for the index and advise traders to trade with a positive bias. The immediate supports for Nifty are placed around 16980 and 16920 while 17200 and 17300 would be the levels to watch on the upside.

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