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Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Once again, we witnessed positive traction in U.S. markets overnight and this time it was after the cooling down numbers of CPI. Following this, the Asian markets and SGX Nifty were in a cheerful mood today morning. Despite this we had a gradual start for the day and as we moved ahead, the benchmark remained within a range to eventually end near the opening levels with gains of around 0.28% at 18660.

Technically, prices have closed above 18650 which we felt was crucial to trigger back momentum in the bulls’ camp however not much has changed. It seems traders opted to keep positions light ahead of the key FOMC meet. We continue to remain upbeat on the markets and sense that the higher bottom is in place around 18350 levels. In such a scenario, one should continue with the recent stance of buying on dips with immediate support seen in the range of 18540 - 18500 levels. On the higher side, 18780 - 18840 can be considered as immediate resistance on the weekly expiry day. Even though there was no major action on the Index front, mesmerizing moves were seen in individual counters as the NIFTY MIDCAP 100 broke above the recent congestion zone and is trading at a fresh 52-week high. Traders should continue to focus on this basket as trading opportunities from this basket can give staggering returns in the near term.

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