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

                       Market took a breather; Nifty withholds the pivotal support

The Indian equity markets took a breather post four weeks of consecutive rally, wherein the Bulls opted to take some money off the table. The benchmark index remained tentative throughout the week, with the majority action happening in the broader space. Amidst profit booking, the Nifty50 index corrected a mere half percent, settling the week around the 19650 zone.

The Nifty index restricted its move to 300 points in the week, shrugging off the positive developments among the global bourses. The current phenomenon was very much in line with the market expectation especially post the recent stellar rally to uncharted territory. Technically speaking, amidst the ongoing breather in the market, the chart structure construes optimism, and it is likely to continue the cheerful run in the comparable period. As far as levels are concerned, till the index firmly withholds the pivotal support of 19500, there is no sign of caution in the market. While on the higher end, 19800-20000 holds stiff resistance and a decisive move beyond which could trigger the next leg of rally.

We remain sanguine in the market but would advise to avoid undue risk as the market lacks buying conviction in the current scenario. Meanwhile, the broader market looks dazzling with immense opportunity to outperform the indices; hence would advocate traders to focus on stock-specific action. Also, stay vigilant to global developments as they may act as a catalyst in setting up a near-term tone.

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