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

The Indian equity market started the day on a flat note tracking the mixed global cues, wherein the benchmark index Nifty50 witnessed a slender range-bound movement throughout the trading session. The index managed to firmly withhold its crucial support on the weekly expiry showcasing the resilience of the bulls in not giving up easily. Amidst the intense tug of war, Nifty concluded the day with a mere gain of 0.26 percent and settled a tad above 18600 levels.

We allude to our previous commentary of keeping the approach of buying the dip until the sacrosanct support is firmly withheld, which certainly aligns with the current situation. On the technical front, there is no significant change in the chart structure except for the narrowing down of the trading zone. As far as levels are concerned, 18500 is a critical level to watch for on the downside, and till it is safeguarded, there is no sign of worry in the market. On the higher end, a decisive closure above the 18700 zone could only bring back the glee among the market participants.

Going forward, we reiterate to keep a close tab on the mentioned levels and keep focusing on thematic movers for better trading opportunities. There have been contributions across the board, the significant benefactors that boosted the bullish sentiments were from the Banking space, especially the PSU bank index which soared to a new 52-week high. Looking at these developments, the undertone is likely to remain upbeat, and any intraday blip is expected to augur well for the bulls.

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