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

The Indian equity market had a decent start taking cues from positive global peers, wherein the benchmark index started on an optimistic note above the 18000 mark. However, the markets were hesitant to carry the momentum in the initial hours and kept hustling near the psychological mark. By mid-session, the bears showed their presence by tightening their grip, which faded away all the optimism and dragged Nifty to the lower grounds. Post all the hustles, Nifty settled the day in red with a mere loss of 0.34 percent, a tad below the 17900 level.

Technically speaking, nothing has been changed in the index as Nifty struggles within the same bandwidth of 200-300 odd points. As far as levels are concerned, 17750-17800 is likely to act as the sacrosanct support zone and till it is firmly held, the undertone is expected to remain buoyant. On the flip side, 18000-18100 remains the sturdy wall for the bulls. In such a market scenario, the apt approach which is likely to play well is to buy on declines as near as the mentioned support and sell on the rise.

Going forward, one needs to keep a close tab on the mentioned levels, and even though the indices may not be doing much, sector churning is visible in the broader market. Hence one should continue to identify such potential movers and trade accordingly. Also, we would advocate to avoid aggressive bets in the index till the trend gets clarity.

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