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

The Indian equity market witnessed a volatile session amid the mega event day, wherein strong whipsaw moves were evident in the broader markets. The benchmark index had a positive start, and post the conclusion of the Budget speech, it rallied to almost the 18000 mark. But soon after, the euphoria fizzled out and the index not only pared down the initial gains but slipped to a 3-month low of the 17350 odd zone. However, by the penultimate hour, some buying emerged from the lows and made a modest recovery in Nifty to conclude the day a tad above the 17600 level.

Amidst the volatility, the market breadth favored the bears as most counters took a U-turn in the second half and dampened the overall sentiments. On the technical front, the pivotal zone of 17500 was firmly safeguarded, which implies the significance of the support, followed by the sacrosanct support of 200 SMA which is placed around 17300. On the higher end, 17800 is likely to act as a stiff resistance, followed by the crucial hurdle of the 18000 mark. Going forward, the market is likely to remain volatile ahead of the FOMC meet and the aftermaths of the Budget. Meanwhile, traders should keep a close tab on the mentioned levels and avoid aggressive bets till the trend gets clear.

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