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 "Market Wrap Up" by  Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.

The weakness in the global bourses led to a weak start of our equity market, wherein the benchmark index initiated the day with a gap down. The sell-off further aggravated and dragged the Nifty index towards the 17530 odd zone. However, the bulls retaliated from the sacrosanct support and made a modest recovery to pare down the losses. With such hustle in the market, the benchmark index Nifty50 concluded the day in red with a cut of 0.50 percent, a tad above the 17600 zone.

From a technical perspective, the crucial support of the 17500 was firmly safeguarded, implying the resilience of the technical support. However, some tentativeness was seen in our domestic market during the weekly expiry session. And as we advance, any sign of respite from the global bourses could trigger strong momentum from hereon. In terms of technical levels, any breach below the mentioned support could drag the market towards the 17400-17380 zone, which is likely to be seen as the sheet anchor. At the same time, on the higher end, the 17750-17800 could be seen as immediate resistance, followed by the 17850-17900 zone.

We would advocate avoiding aggressive overnight bets for the time being and keeping a close tab on global developments. Meanwhile, identifying the thematic movers should be the key to better trading opportunities in the current market condition.

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