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Below is Quote on Daily Market Wrap Up By Sameet Chavan, Chief Analyst- Technical and Derivatives, Angel One Ltd

Despite SGX was indicating a sluggish start, our markets opened marginally in the red. However, without wasting much of a time, the selling resumed across the broader market. The Nifty kept on sinking to not only slide below 17000 but also went on to challenge the Thursday’s low of 16850. Fortunately, some buying emerged after posting a low of 16828 around the midsession. The recovery extended towards the fag end to reduce the damage to merely 0.65%, a tad below the 17000 mark.

Globally, the mounting concerns over a few banks have risen in the last few days and market is clearly jolting with every piece of information with respect to this development. The tail end recovery today was quite crucial for our market, and any follow up in coming session would certainly augur well for the bulls. As far as levels are concerned, 17150 is to be seen as key hurdle, because any sustained move above this would provide some sigh of relief for optimist traders. This is possible only if we see strong relief move in the global markets. On the flipside, 16900 followed by 16800 is to be seen as a sacrosanct support zone. Markets are extremely oversold, and we are placed around a cluster of supports; hence, we continue to remain hopeful and expect some respite in the coming days. As a caveat, one should avoid aggressive bets and keep a close tab on global developments, because such financial issues can be very lethal at times. In case of a relief, we may find ample opportunities in the beaten spaces. Traders can certainly focus on such potential candidates.

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