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Below is the Daily Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Despite US markets rallying last night, our domestic markets started the session on a flat note today morning. However, it was merely a formality as we witnessed Nifty resuming its upward momentum in the initial hours. The benchmark index successfully maintained its positive posture throughout the session. With a gradual surge, Nifty eventually reclaimed the 18600 mark on a closing basis. The banking had a lion share in today’s move as BANKNIFTY clocked a new high in the latter half and is now within the touching distance of yet another magical figure of 44000.

Yesterday’s sharp recovery from the midpoint of the sacrosanct support range (18400 – 18300) was quite crucial for our markets. With global peers supporting this morning, we were all poised for the continuation of the up move. For the coming session, 18650 is the level to watch out for. Once we see Nifty surpassing this, the bulls would become stronger and then we can expect the rally to unfold towards the next milestone of 19000. As far as support level is concerned, 18500 is to be considered as an intraday level. Traders are advised to focus on stock specific actions; because even if we are not witnessing bigger moves in key indices, a lot of thematic moves have started to cut loose. In fact, taking a glance at the NIFTY MIDCAP50 index, we reiterate that stocks from the cash segment are providing excellent opportunities. Hence, identifying such key movers is the key for momentum traders.

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