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

Our market has witnessed a subtle recovery from the strong support zone, and amidst the whipsaw moves, the benchmark index managed to surpass the psychological mark on a closing basis. The strong end-of-day buying interest elevated the overall market sentiments, and the Nifty50 index concluded the session on a promising note with gains of nearly a percent to settle above 18050.

We allude to our previous commentary to have the buy on declines approach, which seems perfectly aligned with the current market conditions. As far as levels are concerned, the immediate support has shifted upward to the 17950–17900 zone, followed by the sacrosanct support of the 17800–17750 zone. On the higher end, the index has stiff resistance placed around the 18100–18150 zone, and follow-up buying along with decisive closure above the same could only bring the mojo back in the markets.

Going forward, we would encourage the traders to utilize the dips to add long positions in the indices. Also, the individual pockets are doing well, and one should focus on the stock-centric approach for the time being. Simultaneously, traders should keep a close tab on the levels mentioned and stay abreast of domestic and global developments.

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