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Daily Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

We had a flat start to the Monthly expiry session taking mixed global cues into consideration. In the initial hour, the market surged a bit to challenge the 15900 mark. However, once again bulls became nervous at higher levels, which resulted in some profit booking to wipe off gains. During the remaining part of the session, the Nifty consolidated in a small range to eventually conclude the June expiry convincingly above 15700.

During this week, we witnessed lethargic moves in key indices as we can see the trading range for the Nifty shrinking to merely 180 – 200 points. All this while, despite multiple attempts, bulls have successfully managed to defend the key support of 15700. On the other hand, 15900 – 16000 remains a sturdy wall. Now as we are stepping into a new series, 15700 – 16000 would be seen as the immediate range and a decisive breakout on either side should dictate the near-term direction. We reckon we are likely to see the market coming out of this slumber phase soon (hopeful of happening it upwards) and hence, traders should keep a close tab on this development. Until then it’s better to focus on individual themes and it’s important to identify apt candidates within the same in order to find better trading opportunities.

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