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Published on 2/08/2022 5:28:41 PM | Source: Angel One Ltd

Market Wrap Up : Bulls are being adamant; use the dip to go long Says Mr. Osho Krishan, Angel One Ltd

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Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.

The Indian equity market has witnessed a slender range-bound movement in today’s session until the fag end buying interest levitated the benchmark index. The index went to the day’s high during the last trading hour but was soon followed up by some profit booking. With All the actions throughout, the benchmark index continued its positive stature and maintained its bullish move for the fifth straight day. The Nifty witnessed a mere gain of 0.03 percent to settle a tad below the 17350 level.

Technically, the bullish momentum remains unchanged with the daily gains in the broader market. We allude to our previous commentary of not being complacent and staying watchful as the index showcased some lackluster moves in today’s session that might attract a round of profit booking. However, the undertone is set in favor of the bulls, and any minor correction could be seen as an opportunity to go long in the index. As far as levels are concerned, the 17450-17500 odd zone is expected to act as an immediate hurdle for the index. On the contrary, 17200 is expected to cushion any minor correction, while the unfilled gap around the 17000 mark holds the sacrosanct support zone for the index.

Going forward, we might expect significant traction outside the indices in the broader market space. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities. Meanwhile, keeping a close tab on global and domestic macro developments is advisable.

 

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