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

Bulls failed to capitalize on the head start, fortunately, closed above 15800

We had a splendid start to the week as global markets looked jubilant in the absence of any unfavorable development. After opening around 15900, markets failed to keep up the same momentum throughout the session. In fact towards the latter part of the session, the Nifty came off a bit and eventually ended almost at the lowest point of the day. Despite this, the benchmark index managed to close above the 15800 mark by adding more than eight-tenths of percent gains.

It was really disappointing to see the market failing to capitalize on the head start they got today morning. Ideally, a close beyond 15900 – 16000 would have created a state of confusion among the bears. But it seems they managed to hold their nerves and did not let Nifty surpass the sturdy wall. On the other hand, the Nifty closing beyond 15800 itself is a big takeaway for bullish participants. Hence the coming session would turn out to be the decisive one and it would be interesting see to who manages to claim their dominance. As far as supports are concerned, 15800 – 15700 are to be seen as key levels; whereas on the flip side, it’s a daunting task to overcome the cluster of resistance around 15900 – 16000. Traders are ideally advised to wait for the decisive breakout on either side to create aggressive bets, till then it’s better to stick to a stock-centric approach. During the first half today, we observed a lot of thematic ideas doing well but towards the end, the momentum faded away in most of them. Let’s see how things pan out in the coming session.

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