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

Our markets once again shrugged off negativity from the global peers as we started the week on a flat note (with mild losses) today morning. After the initial trades, strong buying emerged across the board to enter the positive terrain first. The banking space led from the front as they not only managed to pull markets from key supports but also kept propelling higher as the day progressed. With some sustained buying throughout the remaining part of the session, Nifty eventually concluded the session at above 17300 by adding more than seven-tenths of a percent to the bulls’ kitty.  

Unlike Friday, this time gains were here to stay, and hence, bulls seem to have made a strong statement by giving a smart rally on the first day of the new trading week. The global environment was not supportive at the start of the session, but it also improved as we moved forward. With reference to our previous commentary, we remained optimistic despite challenging global cues and were hopeful of the market making a comeback ahead of the festive season. Now with today’s rally, the base shifts higher towards 17100 – 17000 and Nifty confirms a close above 17300 in an indication of good times for our markets. For the coming session, we would see an index challenging the next resistance zone of 17350 – 17430 which we believe is likely to surpass in a day or two. Traders should now gear up for a move towards 17500 – 17700 and we will not be surprised to see higher levels in the near term as well. Hopefully, global markets do not play a spoilsport here, in fact, a small positivity from there would provide the impetus for a strong up-move in our markets. Traders are advised to continue with a positive bias and try to identify apt themes which are likely to emerge as the week progresses.

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