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

The Indian equity market has started the week on a mild note, defying the developments in the global bourses over the weekend. The benchmark index refrained from any decisive move and stayed in a slender range of 75 odd points throughout the session. Amidst the lackluster start of the week, the Nifty50 witnessed a muted closure with a mere gain of 0.21 percent and settled a tad above 18600 level.

The indecisiveness is quite evident as the index made a small ‘Doji’ candlestick on the daily chart. Technically, there have been no significant changes as the market had a subdued closing. As far as levels are concerned, a decisive closure above the 18700-18750 zone would only affirm the strength in the benchmark. Whereas on the downside, 18500-18450 is likely to act as a sacrosanct support zone and till it is sustained, we do not see a sign of caution in the near period.

Meanwhile, we remain sanguine with broader-market participation, which is likely to contribute to the buoyant undertone in the market. Simultaneously, one needs to keep a close tab on the mentioned levels and have a pragmatic approach to the indices. Also, individual pockets are comparatively performing well, and traders need to focus on the stock-specific approach to gauge trading opportunities.

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