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

Generally, the Muhurat Trading day is considered a lull session but this time, we kicked off the new SAMVAT as well as the week with a decent bump up on Monday. Importantly, unlike most of the Muhurat sessions, the gains were here to stay as we managed to hold the initial lead convincingly. This was followed by back-to-back gap openings but the follow-up was clearly missing. Eventually, the range-bound week ended with more than a percent gains on a weekly basis.

Although, despite being a truncated week, we managed to add something on a week-on-week basis; practically, the trading action was very dull. The market failed to capitalize on all head-starts as we saw some challenges around the 17800 mark. On the other hand, the bulls were successfully able to defend 17600, which made the weekly range shrink to merely 200 points. In our sense, markets have opted to take a breather before unfolding the next leg of the rally. As far as supports are concerned, 17600 - 17500 are to be treated as key levels and till the time, it remains unbroken, there is no reason to worry for. On the flip side, it’s a matter of time, we would see Nifty surpassing 17800 to retest the psychological junction of 18000. 

Traders are advised to remain upbeat and keep a close watch on thematic moves which may unfold in the first of the forthcoming week. The banking has taken a pause after the recent run but soon it is likely to move beyond all-time highs to enter uncharted territory. 

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