Market Wrap Up : Bulls hesitate to reach new highs, retreat to 18650 levels Says Mr. Rajesh Bhosale, Angel One
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/06/ec89a514641a3309bf67749036211e02.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6b3c1a932eecc597e7ebc63801f5c2dc.jpg)
Quote on Silver : Silver price falls in recent weeks Says Prathamesh Mallya, Angel One
![Bank Nifty Write Up : In this scenario, immediate support is found at levels around 45000 to 44900 Says Mr. Rajesh Bhosale, Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/052de8b6a271b140ab7a7b65c5f180c9.jpg)
![Market Wrap-Up : Bulls on a roll; Nifty set for the 20K milestone Says Mr. Osho Krishan, Angel One Ltd.](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c3b473fde94c5c2a730f44acc4341955.jpg)
![Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6208478cde315d3c636b81253e95bd4b.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/05/4aac8d603fafcbc46cbfd9e8f09980c4.jpg)
Market Wrap Up : Nifty continues to climb higher amidst a range-bound session Says Mr. Rajes...
![Market Wrap Up - Global nervousness once again restricts the upside by Mr. Sameet Chavan, Angel Broking](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/07/e3d255cd8b527674ef9ed6672bada3fa.jpg)
![Quote on Weekly market outlook by Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/08/1b2ebebc7deca265c6b0423a38f4b8e9.jpg)
![Daily Market Commentary : Domestic equities fell after two days of gains on the back of weak Chinese manufacturing data and cautiousness ahead of US Fed meeting says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd](https://portfolio.investmentguruindia.com//uploads/news/Broker_8.jpg)