Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.
The Indian equity market started the week on a mild note despite positive global developments over the weekend. The benchmark index slipped instantly post the opening bell, but the dip augured well for the bulls as they retaliated from the lows and made a modest recovery in the index. We have witnessed some tentativeness in the index as the follow-up buying was missing in major heavyweights, and the index made a subdued move throughout the day. Post the hustles, Nifty concluded the day on a flat note with a mere gain of 0.03 percent and settled a tad above 18700 levels.
On the technical perspective, the crucial support of the 18600 was firmly safeguarded, implying the resilience of the technical support. However, some tentativeness was evident on the higher grounds, but there has been no significant change in the chart structure as such. The strategy of buy on the decline and sell on rise fits perfectly in the current market scenario. As far as levels are concerned, the 18600-18500 is likely to act as the sacrosanct support zone, and on the higher end, the immediate hurdle could be seen around 18800-18850, followed by the psychological mark of 19000.
Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long bets. We may expect gradual moves in key indices, but individual pockets are performing well. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities.
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