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

Our market started the week on a bleak note taking cues from the weak global bourses, wherein the benchmark index slipped below the 200 SMA and dented market sentiments. Nifty remained under pressure throughout the week, clocking new lows in the current calendar year till the day of weekly expiry. However, a modest recovery was seen in the last trading session, which led to a sense of resurgence from the lows. Eventually, the week closed in negative terrain, shedding 1.80 percent from its previous week’s closure and Nifty settled at the 17100 level.

The intense sell-off in the global markets dented our sentiments, mirroring which Nifty tumbled below the 200 SMA. However, the last trading session could be seen as constructive development for our markets as the index revived from the crucial support of the 17000-16900 zone. On the technical front, we are not entirely out of the woods and the broader trajectory remains tentative, but we may expect some bounce in the near term. As far as levels are concerned, the recent swing low of 16900-16850 is likely to act as the sheet anchor’s role, and it is highly anticipated that the dip would augur well for the bulls. On the flip side, the 17200-17250 is the immediate hurdle, followed by the sturdy wall of 200 SMA placed around the 17400-17450 odd zone.

Going ahead, any relief on the global front could act as the catalyst to provide the much-needed impetus for our market to surge upwards. Hence, we need to keep a close tab on global developments in the coming week. Meanwhile, traders are advised to avoid aggressive bets and look for stock-specific action, while investors could now seize this opportunity by initiating accumulation in good blue-chip companies in a staggered manner.

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