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

Today morning, the global cues were slightly better, and hence, we started the session with a decent bump up above the 17400 mark. As the day progressed, the buying momentum kept picking up; in fact, towards the fag end, we witnessed a complete gush across the board. This lifted the overall sentiments so that the key indices not only recoup yesterday’s losses; but went comfortably beyond last week’s high as well.

It seems that the traders’ sentiment has changed 360 degrees in merely 24 hours. Yesterday, markets opened with a massive downside gap and today after a positive start, the giant leap was visible on the screen itself. Honestly speaking, we did not expect the rebound to go beyond 17550 – 17600 today. In fact, the velocity at which the broader market took off is certainly a pleasant development for our markets. Now, since we have already surpassed last week’s high, a follow-up in the coming session would send Nifty towards 17850 and then towards the key psychological level of 18000. On the flip side, 17600 – 17500 are to be seen as immediate support. If there is no aberration on the global front, any small decline in the coming session should ideally be bought into. Let’s see how things pan out globally and hope the market keeps shining as we have kicked off the festive season now.

Most of the heavyweight constituents participated today; where banking space had the lion's share in this mesmerizing rally. In addition, the NIFTY MIDCAP 50 index too made a strong comeback, which is a reflection of overall improved market breadth.

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