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Below is the Daily Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Our market has seen an optimistic start with a decent gap up on the expiry trade. But soon after, the index gradually descended towards the 17650 zone until the bulls retaliated from the support zone at the fag end and pared down the losses to eventually enter inside the positive terrain. With such a sharp recovery, Nifty managed to defend 17700 with some authority by adding nearly half a percent to the previous close.

On the technical perspective, the crucial support of the 17650 was firmly safeguarded, implying the resilience of the technical support. However, some tentativeness was evident on the higher grounds as the index struggled to breach the 17800 zone in the entire week. In terms of technical levels, any breach above the mentioned resistance could surge the market toward the 18000 zone in a comparable period (which we believe should happen anytime soon). At the same time, on the lower end, the 17650-17600 could be seen as immediate support, followed by the sacrosanct support around the 17500 mark.

Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long bets. We may expect gradual moves in key indices, but individual pockets are performing well. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities.

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