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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Index in consolidation mode; broader markets continued to buzz

Our markets started the day on a promising note but failed to capitalize on the initial gains and quite similar to the previous session gave away opening lead within a few minutes. As the day progressed, Nifty went on to test levels around 17600, however, with some modest recovery, prices eventually ended in red with a loss of 0.26%.

As highlighted in our previous commentary, after the recent strong run, the benchmark index seems to have entered a consolidation phase and it was quite visible in the price action. The undertone, however, remains bullish as even though the index remained in a slender range; individual stocks continued to give mesmerizing moves. As we advance, we may continue to see the Index consolidating in a range of 17500 – 17900 and meanwhile, traders are advised to keep a tab around 17570 – 17500 levels to go long. On the flip side, the immediate hurdles are clearly visible in the range of 17800 – 17900.

Sectorally, the pharma counters were on a roll today and in fact, they are showing early signs of revival of late after a long slumber phase. The Midcap space too was bucking the trend throughout the session. Going ahead, the apt strategy in a consolidation phase would be to continue focusing on such thematic moves that would give excellent trading opportunities.

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