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

                               Bulls continue to dominate, Nifty clocked new highs

The Indian equity markets had a splendid move in the eventful week, wherein the benchmark index Nifty50 witnessed continuation in the uptrend consecutively for the third week. The broad-based participation amidst the commencement of earning season showcased the eagerness of the bulls to levitate the market. The Nifty50 index maintained its positive stature and clocked new highs to settle the week in uncharted territory, procuring 1.20 percent of weekly gains.

The supportive moves among the global peers and the sectoral rotation were evident throughout the week, which certainly got reflected in the price action of the benchmark index. From a technical aspect, the bulls are being resilient to let loose their grip even in the overbought parameters which showcase their dominance. But at the same time, one should not become complacent and overrule the possibility of a breather post the steep rally. As far as levels are concerned, 19400-19300 is likely to cushion any short-term blip, while the sacrosanct support lies around the bullish gap of 19200 in the comparable period. On the flip side, as the index entered uncharted territory there is no relevant hurdle; however, the next pitstop could be seen around 19650-19700 on an immediate basis.

Going ahead, we remain sanguine with the current momentum and would advocate the traders to utilize the dips to add long positions in the index. Simultaneously, one needs to keep a close tab on the mentioned levels and continue with a buy on decline strategy for the time being. Also, we expect strong moves in the broader market amidst the quarterly earnings, so one needs to have a stock-centric approach for better trading opportunities and also stay abreast with global and domestic developments.

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