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

Bulls continue with their winning spree

After an extended weekend, we started the session on a pleasant note owing to a smart rally in US markets on Friday. In the initial trades, we extended the move to challenge the 18200 mark. However, due to lack of conviction at higher levels, Nifty slipped into a consolidation first and a tiny bit of profit booking was witnessed in the latter half to eventually conclude the session with yet another half a percent gains.

The way our markets behaved in last couple of sessions of the previous week, it has certainly lifted our markets in a much safer terrain. As we alluded to in the previous commentary, the Nifty is now about to enter a crucial cluster of 18200 – 18500. However, traders should avoid being complacent here, because surpassing 18200 – 18250 would be a daunting task for the bulls. Some profit booking or a time consolidation cannot be ruled out before unfolding the next leg of the rally. Overall, the undertone remains bullish, and the immediate base now shifts higher towards 18000 – 17900. Traders are advised to stick to stock centric approach and should avoid aggressive bets in indices at higher levels.

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