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

The Indian equity markets had a timid start, taking cues from the bleak global bourses. The benchmark index Nifty50 had a gap-down opening and slipped below yesterday’s low at the very start of the session and stayed in a slender range at the lower zone for most of the day. However, by the penultimate hour, the bulls made a modest recovery and pared down the initial loss. Amidst the volatile session, Nifty concluded the day with a mere cut of 0.19 percent and settled a tad below the 18400 level.

We allude to our previous commentary on buying near the support and staying light near the resistance, which is prominent in the current situation. On the technical front, 18450-18500 still holds significant resistance and until we decisively breach the same, the view remains unchanged. As far as levels are concerned, 18200 is likely to cushion any intraday blip, while the sacrosanct support lies at 18100-18000. On the higher end, 18450-18500 is the intermediate resistance breaching that could regain some relief. However, the sturdy wall is seen at 18600, reclaiming which the cheer would return to the market.

Going forward, the index is likely to trade within the mentioned range in the comparable period, and any decisive breach on either side could only dictate the near-term trend. From here on, selective stocks could outperform the market; hence, we advocate the participants to remain selective and focus on the stock-specific approach for better trading opportunities.

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