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

Yesterday’s sell off was followed by a weak opening today morning on the back of nervous global cues. Thereafter, we witnessed some volatile swings in the first half but fortunately it was in a small band of 120 – 140 points as benchmark index kept oscillating on both ends of the range. Eventually, the bulls managed to defend the 17300 mark convincingly by restricting losses to merely one fourth of a percent.

Our markets suddenly took a U-turn yesterday in the latter half after entering the sturdy wall of 17600 – 17700. We were off nearly 300 points before anyone could realize and to make it worse, US markets had a weak session last night. This resulted in a nervous start to almost test the key support of 17200. Fortunately there was no further aberration today; but traders need to be very watchful going ahead. As of now, 17200 – 17100 remains to be a strong support; whereas on the flipside, 17400 – 17500 are to be seen as immediate hurdles. Looking at today’s close, we expect this consolidation to continue and in such times, one needs to keep focusing on individual stocks that are likely to provide better trading opportunities.

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