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Below is quote on Market Wrap Up - Nifty back to key supports, need some relief globally by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

Despite sluggish global cues, our markets started the day on a positive note. It seemed as if we are completely ignoring the global sell off; but around the mid-session, we finally succumbed to it and as a result, Nifty started correcting to test the 15700 mark. A modest recovery towards the end trimmed some part of losses to conclude at 15750.

Since last couple of days, the global markets have again become nervous, especially HANG SENG which tumbled more than 7% in such a short span. This certainly is having some kind of rub off effect on our market; but fortunately, the damage is not big. Also, today’s correction post the mid-session was hardly 1% but the velocity at which it came, was a bit intimidating. It would be interesting to see how we react going forward as we are approaching the monthly expiry. One thing is certain that unless we do not see any major relief across the globe, we are not likely to reach the milestone of 16000. Meanwhile let’s hope things do not get worsened from here. As far as levels are concerned, 15700 – 15650 – 15550 are to be seen as key supports; whereas on the flipside, 15800 – 15850 are to be considered as immediate hurdles.

Today, there was lot of movement in the broader market in the first half which had some breather towards the end. But there were lot of causalities seen in the safe haven space (PHARMA) after the disappointing quarterly numbers from the giant, DRREDDY. This was certainly a rare sight especially the way fortunes changed for this sector post the pandemic last year. Traders are advised to stay light and as we always remind, do not carry leveraged positions overnight.

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