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Below is Quote on The Market Wrap Up by Mr. Sameet Chavan, Head Research - Technical and Derivatives, Angel One Ltd.

Bulls make a strong comeback this series by pocketing nearly 5%

Our markets started the session on a flat note as indicated by the SGX Nifty. In the first half, we observed consolidation in the benchmark index; but stock specific action continued to attract traders’ attention. As we stepped into the latter half, the bulls regathered some strength which then accelerated towards the fag end to send Nifty beyond recent swing high of 17863 first and eventually, 17900 got reclaimed on a closing basis.  

Last week’s lethargic movement was followed by some encouraging signs on Monday this week. As we moved ahead, the Nifty started its gradual march and on the monthly expiry today, we managed to conclude the April expiry at two-months highest levels by pocketing nearly 5% series on series. With reference to our previous commentary, it’s a matter of time, we were expecting this hurdle to get surpassed soon. Taking a glance at the daily chart, we can see breakout getting confirmed and now Nifty would probably be eyeing the next cluster of 18000 – 18200 in coming days. The financial space has played a vital role in it and if it continues, we will not be surprised to see Nifty even heading towards 18500 in the first half of the May series. As far as supports are concerned, the strong support is visible around 17800 – 17700; whereas the sacrosanct zone is placed at 17600 – 17550. Traders are advised to stay upbeat and keep focusing on midcap counters (especially from cash segment) who are finding their mojo back after a long slumber phase.  

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