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

Mirroring to favorable global peers, our market started the session on a mild note and maintained a positive stature for the initial trading hour. The benchmark then underwent a bout of profit booking that pared down the gains and dragged the index into negative terrain. But by the second half, the bulls came to the rescue and restricted the downside move. Amidst the intense tug of war, the Nifty50 index eventually concluded the day on a muted note, losing a mere one-tenth of a percent and settled around 19730 level.

Technically speaking, Nifty refrained from any significant moves as it stayed in a slender range of 90 odd points throughout the day. The broader participation was quite evident, which kept the traders’ fraternity busy for the entire session. From a technical point of view, a sense of tentativeness could be seen as both bulls and bears remain hesitant to make a conclusive move. As far as levels are concerned, the support for Nifty lies around 19650-19600, followed by the sacrosanct support zone of 19500. On the higher end, 19800-20000 still looks like a daunting task for the bulls in the near period.

We expect the undertone to remain upbeat with broader market participation, while the key indices might scale up for the time-wise corrective phase. As we advance, we advocate traders to keep a close tab on the mentioned levels to set up near-term trends with a stock-specific approach.

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