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

The cues from the US bourses today morning were neutral to slightly on the positive side. Despite this, our markets had a weak opening and as the day progressed, we kept on shrinking like a slow poison. Fortunately, we witnessed some buying interest at lower levels and saw some recovery as we stepped into the last hour of the trade. With some wild swings at the end, Nifty concluded the session with over six-tenths of a percent loss.

Today’s price action was slightly weird in our sense; because Dow Futures were trading firmly in the green and meanwhile, our markets continuously displayed a lack of strength. Fortunately, with the help of some recovery in the latter half, we managed to defend the 17000 mark on a closing basis. Taking a glance at the price action, we can see Nifty making identical lows since the last three sessions. This makes 16950 a key level for the coming trading session. Any sustainable move below this intraday support would lead to further weakness towards 16800 – 16750. As of now, we do not expect the possibility of this scenario, rather we remain hopeful of some sustainable relief rally in the US markets. This will trigger a strong up move in our markets towards 17100 – 17250 levels. In fact, if the market has to regain real strength, it needs to surpass 17250 with some authority. Let’s hope for the best as we are now placed at an interesting juncture.

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