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

On Friday, despite better macro economic data, US markets reacted negatively and ended the week on a pessimistic note. This certainly spoiled global sentiments and hence, SGX Nifty today morning indicated a gap down opening with more than 200 points cut. In line with this, Nifty opened below 17100 and then tested the 17050 mark. Fortunately, bulls cushioned this fall and managed to pull the index during the remaining part of the session. Eventually, we managed to restrict losses to merely four tenths of a percent to conclude the session comfortably above 17200.

The sacrosanct level of 17000 once again proved its mettle. In spite of the not so favorable global environment, our markets managed to recover a fair bit of ground; courtesy to the recently laggard IT space, which has shown some sign of revival ahead of the quarterly result of IT giant, TCS. We continue to remain sanguine as long as the key support zone of 17000 – 16800 remains intact and meanwhile, the buy on declines approach remains the key. For the coming session, intraday supports are now visible at 17140 – 17050; whereas a move above 17300 would trigger a short covering move towards 17400 and beyond. Traders are advised to stay upbeat and it’s better to focus on thematic moves, which are likely to provide better trading opportunities. We, being the stronger market, are successfully managing to weather all storms and hence, once the global market supports, we may see the outperformance to continue.

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