Market Wrap-Up : Market took a U-Turn post buoyant start Say`s Mr. Osho Krishan, Angel One Ltd.
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/08/182864884c123a95cd6c4be8f2bb3b07.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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
![](https://portfolio.investmentguruindia.com/uploads/news/Textile21Feb.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/ITSector27Feb.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Firstsource Solutions Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Gv_summer vacation_47.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Power Sector_040424.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indian Railways_54.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/ICICI Direct IMAGE.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/shrey jain.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Advisory.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/persistent37.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6b3c1a932eecc597e7ebc63801f5c2dc.jpg)
Quote on Silver : Silver price falls in recent weeks Says Prathamesh Mallya, Angel One
![Bank Nifty Write Up : In this scenario, immediate support is found at levels around 45000 to 44900 Says Mr. Rajesh Bhosale, Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/052de8b6a271b140ab7a7b65c5f180c9.jpg)
![Market Wrap-Up : Bulls on a roll; Nifty set for the 20K milestone Says Mr. Osho Krishan, Angel One Ltd.](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c3b473fde94c5c2a730f44acc4341955.jpg)
![Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6208478cde315d3c636b81253e95bd4b.jpg)