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

The Indian equity market has witnessed a slender range-bound movement on the weekly expiry session until the fag end buying interest levitated the benchmark index. The respite from the selling spree of the FIIs and positive global traction has boosted our market participants, whose rub-off effect is evident in the broader market space. The benchmark index continued its positive stature and maintained its bullish move for the fifth straight day, procuring over half a percent and settling a tad above the 16600 level.

Technically, the impeccable move in the entire week has placed our market above all the major exponential moving averages on the daily time frame. Though from the past two consecutive sessions, the index is showcasing some lackluster moves that might attract some profit booking in the near period. However, the undertone is set in favor of the bulls, and any minor correction could be seen as an opportunity to go long in the index. As far as levels are concerned, the previous swing high of 16800 odd zone is expected to act as an immediate hurdle for the index. On the contrary, the recent unfilled gap of 16360-16490 is expected to provide a cushion for any minor correction.

Looking at the momentum certainly portrays the urge of the bulls of D-Street while favorable conditions. However, significant traction is seen outside the indices; hence it is advisable to keep Identifying apt themes and potential movers within the same, which are likely to provide better trading opportunities. Meanwhile, staying abreast with the global market is advisable.

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