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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

 A disappointing end to a promising start, Nifty sneaks below 17100

After US bourses experienced a sharp sell-off following the key FED policy, the DOW futures made a remarkable recovery in the morning, Hence, the SGX Nifty indicated a mildly negative opening for our markets. The Nifty started on a sluggish note, but the initial dip was absorbed comfortably to retest the 17200 levels, suggesting a possibility of much-needed relief in our market. However, a sell-off in the penultimate hour poured complete water on this attempt to retest the morning lows. Eventually, we concluded the weekly expiry with a loss of 0.44% at 17077.

The session was disappointing for the bulls, as prices failed to surpass the sturdy wall of 17200, possibly due to the uncertainty in the global markets. As a result, traders might have opted to lighten up the positions. If bulls have to regain conviction, prices need to break beyond the sturdy wall of 17200-17250. Until then, prices may continue to see lethargic moves, with support seen around the 17000 mark. If the US market weakens further, the sacrosanct support of 17000 will be in jeopardy. In this case, the next key level to watch out for would be around the recent lows of 16850. However, we continue to remain hopeful and expect some pleasant moves to unfold on global bourses. Traders are advised to keep a close eye on global developments and avoid aggressive bets until clear trending signs emerge.

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