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

The benchmark index started with a decent gap up at the opening bell but failed to capitalize on the initial gains. And soon after, a sell-off got triggered that dragged the index below yesterday’s low, signifying a sense of tentativeness at the higher levels. However, the bulls firmly came for the safeguard and gradually levitated the market to pare down the lost grounds. With the intense day of trade, Nifty concluded the session near the day’s high amid the trail-end buying emergence and settled a tad above 18300, procuring a mere gain of 0.27 percent.

Technically speaking, the market seemed to be a bit timid as a strong follow up buying is missing at the current juncture. However, the chart structure remains robust as the index is firmly withheld to the upper band of the consolidation zone. As far as levels are concerned, the 18250-18200 zone is expected to cushion any short-term blip, while the sacrosanct support lies around the 18100-18000 mark. On the flip side, the 18500 is very much in the vicinity and is highly anticipated to be tested soon. Besides the technical data, one needs to stay abreast with the ongoing domestic developments over the state election, which is likely to impact the near-term trend. Simultaneously, one must keep a close tab on the mentioned levels and continue with the stock-specific approach for better trading opportunities.