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Below is the Daily Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

The SGX Nifty was indicating a muted start today morning. Despite this, our benchmark index opened with a decent upside gap considering the US markets’ Friday rally. The opening lead got extended in the initial hour itself beyond 17950. However, the movement in most of the heavyweights became stagnant thereafter and hence, the Nifty remained in a slender range throughout the remaining part of the session. Eventually, it concluded with more than half a percent gains convincingly above the 17900 mark.

Although key indices are lacking a bit of momentum, the undertone seems strongly bullish and as a result, the Nifty is now within a touching distance of the psychological mark of 18000. It’s merely a formality now, we would see it on the screen very soon. The real question is, does the market have enough legs to move beyond it to touch the record highs? In our sense, it’s happening sooner or later. Before this, a move towards 18200 – 18350 in the near future is clearly on cards. This view remains valid as long as Nifty defends 17700 – 17600 on a closing basis. Today, the banking had a fantastic start but follow-up was missing. Never mind, we reckon, BANKNIFTY is headed towards its all-time high before the benchmark index. Also, IT showed a willingness to participate in the second straight session, which is an encouraging sign. In our sense, one should continue to remain positive and even if key indices consolidate a bit, the stock-specific action is likely to continue.