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All time high not so far now: Angel Broking

“Yesterday’s uncertain close was followed by yet another gap up opening in our market, which was very much in line with most of the Asian peers. Subsequently, we saw some consolidation for the major part of the day. However, index picked up a strong momentum in the penultimate hour, leading to an extension of the rally beyond 11500 by adding six tenths of percent. The banking index supported this move as it seems to be enjoying its placement in an uncharted territory.
The kind of intraday moves and the close we are witnessing, it’s a typical behavior of any healthy up move. Although, it appears that we have entered an overbought zone, intraday declines are getting bought into and then we continue to see such gravity defying moves. In this scenario, it’s always advisable not to have a contrarian approach; rather be with the flow and keep riding the tide. As far as levels are concerned, 11500 followed by 11451 would now be seen as immediate supports; whereas on the upside, 11600 is the next level to watch out for.
We reiterate that one needs to be very choosy now while making a stock selection. Keep focusing on stocks which are on the move, as we may see momentum to continue in such propositions.”

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