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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 had a volatile day of trade, wherein the benchmark index Nifty50 started on a bleak note and slipped to a low of 16,850. But soon after, some resurgence was seen at the lower grounds, which led to a modest recovery and the index snapped its losing streak. Amidst the intense tug of war, the Nifty50 index concluded the weekly expiry session on a subdued note with mere gains of 0.08 percent and settled a tad below the 17000 mark.

Technically speaking, there is no significant change in the view as the index is placed near the previous day’s close. However, with the formation of a ‘long-legged doji’ on the daily chart, one may interpret a halt to the ongoing sell-off, which is an encouraging sign for the market participants. As far as levels are concerned, 16900–16850 is expected to act as sacrosanct support in the near term. On the higher end, 17200–17250 is likely to act as an immediate hurdle, followed by the sturdy wall of 200 SMA, placed around 17400–17450 in a comparable period.

As we advance, one needs to keep close track of the strongly beaten-up heavyweight counters, as they could witness some recovery from hereon. Besides this, global development should also be closely tracked, as any favorable cues could boost market sentiment. Also, we would advocate that traders avoid aggressive bets for the time being and focus on stock-specific actions.

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