IGI Logo

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

Our markets started the session on a soft note by shrugging off unfavorable cues from the global bourses. During the remaining part of the session, both counterparties made several attempts to show their dominance; but eventually, the bulls turned out victorious as we witnessed good traction in the last hour to reclaim the 17600 mark on a closing basis. 

Amid a mild tug of war today, our markets managed to close in the green by a small margin. If we observe meticulously, the Nifty kept oscillating at merely 70-80 points throughout the session, which is a sign of consolidation. The real action was seen outside the index as a lot of individual stocks gave excellent moves in the latter half. For the coming session, we expect this consolidation to continue for key indices. As far as levels are concerned, 17650 – 17710 is to be seen as an immediate resistance zone and momentum traders should ideally look to lighten up longs around it from an expiry perspective. On the flip side, 17525 – 17450 remains to be an intraday support.