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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.

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