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Below is quote on Market Wrap Up - All’s well that ends well, Nifty regains its lost ground by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

We started the day marginally higher but it was merely a formality as we saw gains disappearing in a blink of an eye. The benchmark index first breached the 15700 mark and then due to aggravated selling, went on to breach key intraday supports one after another. At one point, things looked extremely bleak when Nifty was trading with nearly 250 points cut. Fortunately, the mighty bulls grabbed this opportunity with both hands. Our markets had a v-shaped recovery thereafter to reclaim 15700 at the close with nominal losses.

Today’s session is a perfect example of the famous saying “All’s well that ends well”. This also explains how the closing price is more important in Technical Analysis than the intraday movement. Today there was another attempt made to challenge the key support zone of 15550 – 15450. With smart recovery from these levels, the short term base remains intact and makes it more powerful. Before this, 15650 – 15600 are to be treated as immediate support for the expiry day. If things do not get worsened on the global front, any decline in this zone in the initial trade should be used to go long. On the flipside, it’s also advisable to lighten up around 15800 – 15850.

As far as sectoral movement is concerned, the banking was clearly the weakest link today. But this high beta space too managed to hold its critical supports. Apart from this, the Nifty Midcap 50 was on the verge of confirming a short term reversal. But fortunately, it found its mojo back to reclaim the important levels on a closing basis.

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