IGI Logo

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

The Indian equity markets started on a positive note tracking the sharp rally in the US bourses on the hopes of a pause in the Fed rate hike. The benchmark index stayed at higher ground throughout the session, suggesting a bullish undertone for our market. Though post the start, there was no major traction in the index and eventually, it settled a tad above 18700, procuring 0.62 percent for the day.

Technically, Nifty once again is hovering near the upper band of the consolidation awaiting a positive trigger to witness a breakout. As far as levels are concerned, the 18600 zone is likely to cushion any blip in the coming period, while the sacrosanct support lies around the 18500 mark. Meanwhile, the global markets should be watched closely as any further relief could act as a catalyst to open up the next leg of the rally towards the lifetime high zone of 18888. The technical structure looks robust and with the closure, it is highly anticipated that the index should carry the momentum in the near period. Simultaneously, the broader market is keeping the buzz, and one needs to focus on a stock-centric approach for better trading opportunities while staying abreast with global developments.

Above views are of the author and not of the website kindly read disclaimer