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

We had a muted start to today’s session in the absence of any major trigger on the global as well as domestic front. In the initial hour, we did move towards 17300 but this attempt eventually failed as we witnessed some profit booking at higher levels. Although, market saw a small dip towards the end, the Nifty managed to defend the 17200 mark on a closing basis.

Now, as we are approaching the monthly expiry and the year-end too, we are not seeing any major action in key indices. Since we have entered a strong resistance zone of 17200 – 17300, there is no sufficient force available to go beyond it. On the flipside, key supports are being tested but are defended too successfully. We expect similar sort of action in the coming session as well and despite being a monthly expiry, the volatility is likely to remain on the lower side. As far as supports are concerned, 17180 – 17100 are to be considered as immediate support and resistance remains at 17300. We advise traders to continue with a stock specific approach as we are seeing good traction in individual pockets.

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