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Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.

The truncated week has started on an optimistic note, taking cues from the positive global bourses. The benchmark index Nifty50 has seen a decent gap up with the opening bell and carried its positive stature throughout the session. Though in midsession, the index witnessed a bout of correction that firmly got bought into by the sturdy bulls of the D-Street. The secular up-trend extended for another day, wherein the index gained nearly 0.72 percent and settled firmly above the 17800 level.

Technically, the market is in a secular uprun with no sign of any breather. At present, the index is hovering near the weekly sloping trendline, which might be seen as a sign of concern for the bulls. Even the consolidation post a head start could be seen as a sign of tentativeness at the higher grounds. Also, on the oscillator front, the index is ramping over the overbought zone; hence a bout of profit booking should not be ruled out. As far as levels are concerned, 17800-18000 is likely to provide some hurdle for the bulls in the near future. On the contrary, 17550-17600 is expected to cushion any downside correction, followed by the strong base setup near the 17400 odd zone.

Considering the recent price movement, it is inevitable that the undertone for the market is highly bullish, and any intraday dip could be seen as an opportunity to add long positions in the index. Meanwhile, avoiding aggressive bets in the index is advisable, and looking for opportunities in the broader market for a better trading perspective.

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