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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

The Indian stock market had a promising start to the week, with the possibility of Nifty reaching a new high. However, profit booking occurred on the same day and continued until the first half of Tuesday, causing a retest of levels around 18650. Taking advantage of this, the bullish camp initiated strong buying, driving prices higher in an attempt to achieve new highs on Wednesday and Thursday. However, another failed attempt led to profit booking and a drop in prices back to Tuesday's low. As a result, the week ended with a loss of 0.85%, just above the 18650 level.

It was a disappointing week for the Bulls as they were unable to push prices to new highs despite multiple attempts. From a technical standpoint, there is a clear hurdle formed around the 18880 levels, accompanied by a bearish gap seen on the daily chart after a long time. The bullish momentum has diminished in the short term, and prices have closed just above a crucial support level. Also, Prices ended slightly above the 20EMA, which has previously acted as a strong barrier against any corrections. This level coincides with a trigger point of "BEARISH DOUBLE TOP" pattern observed on the hourly chart. In our opinion, for the bulls to regain control, the upward movement should start from the current levels. However, if the levels of 18600-18650 are breached, then we might witness further price correction toward the 18500-18450 levels. On the other hand, the bearish gap around 18750 will now act as immediate resistance, followed by the all-time high level at 18888. Having said that, traders should note that the higher time frame chars continue to look intriguing and suggesting that any future price or time-wise correction should be seen as a buying opportunity for those who missed the upward trend in the past few months.

Although there were no significant changes in the key indices, the Nifty Midcap, which had been performing well recently, experienced a sharp correction in the last two days. Volatility within this space is expected to continue to rise. Therefore, traders should be selective in their stock choices and focus on frontline counters, which are considered safer bets in such a scenario. Additionally, attention should be paid to the banking sector, as it has been oscillating within a range for over a month and is now at an interesting juncture where a strong movement in either direction can be anticipated in the near term.

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