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

Our market has witnessed a pleasant move through the week post the havoc from the previous week. The firm recovery from the lows of 17800 showcased the resilience of the bulls and made a merry Santa rally to close the year on a cheerful note. The benchmark index Nifty50 snapped three consecutive weeks of sell-off and concluded the week with gains of over 1.60 percent. Nifty had a subtle closure to the calendar year 2022, procuring over 4 percent to settle a tad above the 18100 level.

Technically speaking, post the recent price-wise correction in the market, the chart structure construes optimism, and it is highly anticipated to continue the cheerful run in the new calendar year. The broad-based buying in the last week has levitated market sentiments and can be seen as a sign of progression as we outclass our major global peers. As far as levels are concerned, 18000 is expected to cushion any short-term blip, with the sacrosanct support placed around 17800 for the time being. While on the higher end, a decisive move above 18400-18450 would affirm the continuation of the uptrend in the market.

Going forward, we remain sanguine with the current momentum and would advocate the traders to utilize the dips to add long positions in the index in the comparable period. Simultaneously, one should stay abreast with global and domestic developments regularly and continue with a buy on decline strategy for the time being. Also, we expect strong moves in the broader market, so one needs to have a stock-centric approach for better trading opportunities.

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