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

                                  Amidst tentativeness, Nifty settled on a muted note

The favorable global cues led to a decent start for our markets, wherein the benchmark index Nifty50 advanced with the opening bell. However, failed to capitalise on the head-start and underwent some choppy moves throughout the initial half. The index slightly started to retreat from the highs by the second half and pared down the initial gains by the penultimate hour. Eventually, post the hustles, the Nifty index concluded the session on a muted note and settled a tad below 19400.

Technically, the movement for Nifty was restricted to 60 odd points, showcasing uncertainty among the counterparties. The timidness certainly portrays a lack of conviction and awaits some triggers to emerge from the slumber phase. The chart structure remains unchanged as there are no significant alterations on the levels front. As far as levels are concerned, 19300-19250 (50 DEMA) withhold the strong support zone. While 19480-19500 holds the sturdy resistance for the index in the comparable period.

The Midcap index continued its merry run to clock new highs and kept the traders' fraternity engaged with an outperformance. We advocate keeping a close tab on the mentioned levels, as a breakthrough would only dictate the next set of movements in the benchmark. Meanwhile, the global bourses are likely to tend the near-term market moves and hence, require watchful attention. Also, one needs to adopt a one-step at a time approach while being fussy with stock selection.

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