Global uncertainty becomes a headwind, Nifty ends flat tad above 17800 Says Mr. Rajesh Bhosale , Angel One
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Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd
We had a positive start to the session, however, post the strong opening there was a tug of war between the bulls and bears as there were choppy moves on both sides of the trend. Nifty eventually ended the indecisive session with a negligible loss tad above the 17800 levels.
After a head start, the bulls had a great chance to make a comeback, but bears continued to defend their levels and the intraday bounce was getting sold into. Nifty slipped for the third consecutive session; however, the momentum of the fall has eased considering the prices are approaching the lower band of the recent consolidation phase. Going ahead, 17800–17700 remains a sacrosanct support zone, and we remain hopeful for the bulls as long as these key levels are held. On the flip side, 17900–18000 seems like a stiff hurdle, and for the broad base rally to trigger these levels, these levels need to be surpassed with some authority. The entire February month has been in a consolidation phase, and very soon prices may come out of these shackles. Traders are waiting for some triggers, and with key events lined up on the global front; markets are likely to react more to the global cues. Hence, keep an eye on these developments and keep focusing on identifying apt themes for outperforming opportunities.
Above views are of the author and not of the website kindly read disclaimer
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