Bull markets are known to honor support more consistently than the resistances and that is precisely what we witnessed today. After a topsy turvy movement where Nifty just kept loitering around everywhere in the early part of the day, it saw demand to emerge towards noon and subsequently closed the day with handsome gain of 67 points or 0.58% at 11671.
Except for media, all other sectoral indices ended in green. Interest rate sensitive stocks like Auto, Banks & Realty were among the prominent gainers.
Market looks healthy and ready to challenge its life high in the regions of 11760 anytime soon.
But market breadth continues to look thin as many mid- & small-cap stocks are struggling to overcome weakness. Going forward we expect to see stock specific actions. Energy stocks like ONGC and Reliance and NBFC stocks like Bajaj Finance and Bajaj Finserv happens to be our choice. Nifty has established another important support at 11550 regions.
