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

The ease in US inflation data led to some relief in the global markets, tracking which SGX Nifty indicated a positive opening for our markets. Simulating to which the benchmark index Nifty50 started with a decent gap but once again failed to capitalize on the initial gains and showcased a lackluster trading session. Amidst the weekly expiry, by the fag end, some whipsaw moves were seen that led the index to plunge a bit from the highs. And eventually, Nifty concluded the day on a flat note with a mere cut of 0.10 percent and settled a tad below the 18300 level.

Technically, there have been no significant changes in the chart structure as Nifty kept hustling at the higher band throughout the weekly expiry session. However, some timidity could certainly be sensed among the bulls at the higher zone, awaiting some positive trigger to continue the upward march. As far as levels are concerned, the 18200 zone is likely to cushion any blip in the coming period, while the sacrosanct support lies around the 18100-18000 mark. On the contrary, 18300-18500 is considered a daunting task for the bulls in the comparable period. We remain sanguine and expect any dip to augur well for the bulls. Meanwhile, the global markets should be watched closely as any further relief could act as a catalyst to open up the next leg of the rally. Going forward, the broader market is keeping the buzz and one needs to adopt a pragmatic approach in such market conditions to seize better opportunities.

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