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

The last expiry session of the financial year has been volatile, wherein an intense tug of war was seen between the bulls and the bears throughout the day. And eventually, by the fag end, the bulls charged to levitate the market. Amidst all the whipsaw moves, the benchmark index managed to sustain at higher grounds, backed by the short covering rally and concluded the day on a positive note. The Nifty50 index settled the day a tad below the 17100 level, procuring 0.76 percent gain.

Technically, there has been no significant change in the chart structure as the index subsides within the key range. However, the buying emergence in the broader market could be seen as a constructive development for the participants and withheld the hope of revival in the comparable period. From the technical aspect, the key support is placed around the 17000-16950 zone, followed by the sacrosanct support of 16900-16850. While on the flip side, surpassing the sturdy hurdle of 17100-17200 is a daunting task for the bulls and until it gets decisively breached, the index is likely to remain in the consolidation zone.

The markets have certainly gained some traction led by the expiry trade and many stock-specific adjustments kept the traders on their toes. We would advocate to focus more on the stock-centric approach till the index does not have a range breakout and avoid aggressive bets. Meanwhile, a close tab should be kept on the developments of the global bouses which are likely to impact the near-term trend of our market.

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