Market Wrap Up : Market rebounded from lows amidst expiry trade Says Mr. Rajesh Bhosale, Angel One
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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd
The US markets reacted negatively to the FOMC meeting minutes and taking cues from there, the SGX Nifty indicated a weak opening. In line with this, our markets started on a negative note and as the day progressed, prices gradually declined to test levels of around 18200. During the last hour, however, the expiry factor came into play and prices bounced back sharply to regain the morning’s lost ground and end with gains of 0.20% above 18300.
There’s no major change in the price action but the strong bounce from the lower levels is a positive sign for the bulls, as it suggests that our markets are still finding support at key levels despite unfavorable global cues. However, going ahead, for the momentum to continue, prices need to sustain a break above 18400 – 18450 levels. A move beyond these levels would end this consolidation phase and trigger momentum towards new highs for the coming month. On the flip side, 18200 is a significant level, as it coincides with the 20-day exponential moving average (EMA). Any move towards this level is likely to be bought into.Above views are of the author and not of the website kindly read disclaimer
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