Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.
Our market has seen a mild start tracking the mixed global cues and followed a sluggish move for most of the trading session. The benchmark index witnessed a lackluster day of trade until the fag end buying interest boosted the sentiments and soared the index to test the 17400 odd zone. With all such actions, the index maintained its positive stature for the sixth consecutive session and concluded the day a tad below 17400 levels by procuring another 0.25 percent.
Technically, the index continued its northwards journey with a smart recovery from the intraday dip that augurs well for the bulls of D-Street. However, the hint of tentativeness at higher levels should not be overlooked at all. On the technical front, 17450-17500 still holds the sturdy wall for the bulls, and a decisive closure above the same could only trigger fresh longs in the system. Meanwhile, any dip towards the 17200 zone is likely to get bought into, while the sacrosanct support lies around the unfilled gap and psychological mark of the 17000.
Hence, looking at index placements and the recent price action that construes the undertone to favor the bulls, participants are advised to avoid aggressive bets and stay abreast with global and domestic developments. Also, we advocate continuing with a stock-centric approach for better trading opportunities.
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