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

Today morning, the global cues were a bit sluggish and as a result, our markets started the session on a weak note. In the initial trade, the Nifty went on to test the key support around 15700. This was followed by some gradual recovery in the first half which eventually gained some momentum towards the fag end of the session. As a result, Nifty ended the session with negligible gain precisely at 15800.

The way the market recovered today from morning lows, 15700 has clearly proved its significance, and the strategy of buying at key supports played out well. If we compare today’s close to the previous close, we may see the Nifty ending marginally in the green but practically the market has managed to close at the highest point of the day; bodes well for the bulls. For the coming session, 15750 – 15700 remains to be a strong support zone and till the time we do not slide below it, one should continue with a buy-on decline strategy. On the flipside, 15925 – 16000 is to be considered a sturdy wall. As of now, there is no indication of the market surpassing the 16000 mark but the moment we do it, we are likely to witness a strong short covering rally in the market. Till then 16000 – 15700 is to be seen as the immediate range for the benchmark index. Today although markets traded in the negative terrain for the most part of the session, there were ample opportunities seen in individual spaces. Hence, traders can continue to focus on such potential candidates.

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