Powered by: Motilal Oswal
24/08/2023 4:28:37 PM | Source: Angel One Ltd
Market Wrap-Up : Market took a U-Turn post buoyant start Say`s Mr. Osho Krishan, Angel One Ltd.
News By Tags | #6943 #2730 #607 #879 #1014 #7878 #59

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

                                      Market took a U-Turn post buoyant start

The favorable global bourses and the buoyancy from the previous day have led to a gap-up opening for the benchmark index, that too above the primary hurdle, which eventually levitated the overall sentiments in the market. However, post the initial trading hour, a strong bout of profit booking pitched in, eroding all the gains. Amidst a strong sell-off on the weekly expiry session, the benchmark index snapped its winning streak and routed below the 19400 zone with a mere cut of 0.29 percent.

The sell-off post gap up opening showcases the resilience of the bears as they swept away the gains and eventually dragged the index to the lower terrain. Technically, on a closing basis, there are hardly any alterations in the price chart, but with the big bearish candle formation, it is likely that the time-wise correction phase remains intact. On the levels front, 19300 is expected to cushion any further blip, while the sheet anchor lies around the 19250-19200 zone. On the flip side, 19500 remains a daunting task and a decisive breakthrough could only re-strengthen the undertone.

We remain sanguine in the market and expect the dips to augur well for the bulls. Meanwhile, the Nifty Midcap and Small-cap indices continue to lure the traders’ fraternity with the robust setup. Hence, we would advocate focusing on the thematic movers to gauge momentum and outperformance. Also, a close tab should be kept on the global and domestic developments, which may act as a catalyst to dictate the immediate trend.

 

Above views are of the author and not of the website kindly read disclaimer

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here