IGI Logo

Below is Quote on Market Wrap Up 06 July 2023 By Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd

Tracking the sluggish sentiments across the board, the Nifty benchmark index opened on a flat note, but prices quickly began to rise, surpassing the previous all-time high set on Tuesday. Although there was a period of consolidation afterward, another round of buying in the final hour of trading pushed Nifty to close just below 19500, achieving another half-a percent gains.

Following two underwhelming days, the market momentum regained strength, resulting in a decent upward movement after the opening. The overall trend in the market remains positive, with prices defying expectations and continuing to rise, despite some weakness in global markets and overbought indicators. The current upward trend has now extended for eight consecutive sessions. As we move forward, it is advisable to enjoy this run without becoming complacent and to focus on risk management. Buying on intraday dips and using upside levels to secure profits is considered an ideal strategy. Immediate support levels are expected to be around 19420 – 19300, while a strong support base is observed at the 19200 – 19000 zone. On the other hand, the next resistance level in uncharted territory is anticipated to be around 19650 – 19700.

Over the past few weeks, the index has been effectively managed, with different sectors contributing to the upward movement of prices. Traders should concentrate on identifying and capitalizing on themes that are likely to perform well for the day, seizing any outperforming opportunities.

Above views are of the author and not of the website kindly read disclaimer