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Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.

The Indian equity market has seen a strong day of trade, wherein the initial hiccup tracking the weak Asian markets got an authoritative recovery. The benchmark index Nifty50 initially descended to 15660 sub-levels, from where the bulls took charge and levitated the index to settle near to day’s high by gaining over half a percent to conclude the day well above 15800 level.

Technically, the index has shown a strong follow-up buying post the favorable previous trading session that could be seen as an encouraging sign for the bulls of D-street. On technical parameters, the 15700-sub zone has once again proved its mettle, and till the time index manages to sustain above the same, any minor correction could be seen as a buying opportunity in the near term. On the contrary, the 15950-16000 zone is likely to act as a sturdy wall, and only a breakthrough could ascertain the bullish momentum to continue in the coming sessions.

The market has seen some strong traction by the fag end favoring the bulls. However, the global market could act as a catalyst in either propelling the bullish sentiments or putting a halt to the same. Hence, keeping a tab on the developments across the global bourses is advisable. Meanwhile, our index is likely to stay within the mentioned range until any decisive breakthrough on either of the sides is not seen. Hence considering the recent price action, we advocate utilizing any dip towards the support zone and continuing with a stock-specific approach for better trading opportunities.

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