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

Our domestic markets have witnessed a splendid move, wherein the bulls thoroughly capitalized on the positive start and led the market to sway on the upside. The stability across the global bourses has spread buoyancy to our market, resulting in broad-based buying interest. The benchmark index Nifty50 surged upwards for the fourth consecutive session to reclaim the 17550 level by procuring nearly a percent gain.

The bulls have taken control of the market, which is evident in the technical chart with Nifty testing the 200 SMA and the bearish gap on the daily time frame. The outburst post the range breakout depicts the eagerness of bulls when the scenario turns favorable. But, in the meantime, one should not become complacent and rule out the possibility of some cool-off or profit booking after the recent steep rally. As far as levels are concerned, the pivotal level of 17600 is the immediate hurdle for Nifty, surpassing which the index could re-test the recent swing high of 17800 in a comparable period. On the flip side, the 17400-17350 is expected to cushion any minor correction, while the unfilled gap around the 17200 holds the sacrosanct support zone.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the FMCG, IT and Financial space. Looking at the recent development, the undertone is likely to remain upbeat, wherein any blip towards the mentioned support could augur well for the bulls. Hence it is advisable to focus on identifying apt themes and potential movers within the same, which are likely to provide better trading opportunities. Meanwhile, staying abreast of global and domestic developments would be salient.

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