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

Our markets started the session on a positive note, but after the initial gains, there was limited activity observed in key indices. Nifty hovered within a narrow range of 40-50 points for the most part of the day. However, a bout of profit booking towards the end erased a major chunk of morning gains to conclude slightly below 18350 with merely 0.18% gains.

Key indices had a lackluster day as prices approached a critical point before the monthly expiry. The Bank Nifty remained hesitant around its all-time high levels, while the benchmark index Nifty also lacked confidence around the 18450 levels, where some profit booking had taken place last week. As a result, traders shifted their focus to the broader markets, which remained buoyant. This consolidation phase is likely to continue till the time we do not get a convincing close above 18450-18500 and the Bank Nifty surpasses its all-time high levels of 44150. A breakthrough at these key levels would ignite a fresh wave of positive momentum in the market. Until then, traders are advised to buy on dips and book profits at higher levels. In terms of support levels, 18200 is the immediate support, while a stronger support zone exists between 18050-18100 levels. Although the key indices struggled at higher levels, the Nifty Midcap 100 ended on a positive note, and traders should continue to focus on such midcap stocks that exhibit impressive movements for the future.

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