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

The favorable global cues led to a buoyant start for our markets, wherein the benchmark index had a decent gap-up opening and continued its momentum during the first half of the session. The broad-based buying emergence levitated the sentiments and led the index to inch toward lifetime highs; however, traders opted to book profits in the latter half at the higher grounds, leading to some cool-off in the index. Amidst the tug of war, the Nifty50 index concluded the session with a 0.43 percent gain and settled a tad below the 19450 zone.

Technical speaking, the undertone suggests strong bullish biases in the market, which is evident by the market breadth. Also, the longevity of the index near the higher levels indeed depicts the resilience of the bulls to continue the northward journey. But, from a technical aspect, sustainable buying above the 19500-19520 zone could only open up the next leg of rally in Nifty towards 19600-19650 on an immediate basis. Simultaneously on the downside, any dip towards the support zone of 19300 is likely to attract buyers, while the sacrosanct support lies at the bullish gap of 19200-19235 in a comparable period. Going forward, we advocate traders to remain fussy with their stock selection as even though the indices are not doing much, the broader market is full of actions. Also, one needs to keep a close tab on global and domestic developments, which may act as a catalyst to set up the nearby trend.

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