The index continued to find reversal from its support levels. This indicates a strong grip of bulls. The index seems to be Bullish.
Mahindra and Mahindra (M&M), Tech Mahindra, Bajaj Electric seems to be in positive movement.
Nifty IT and PSU Bank sector likely to bring a positive contribution to index.
From a medium-term perspective, the index seems to be in positive momentum as far as it sustains above 11300 level and a breach above 11760 will lead to a further upside move up to 12000 level.
The index had both side move, on higher side financial and commodity stocks put pressure on the market, whereas from lower side IT stocks brought recovery.
Kapil Shah, technical analyst, Emkay Global Finance