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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.

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