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Below is on Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Despite SGX's muted start, our markets opened with a decent bump convincingly above the 17800 mark. Barring an initial small pullback, the index maintained its positive posture throughout the remaining part of the session. With a steady up move, the Nifty finally managed to close above 17900, which is highest in last three weeks. In this course of action, the bulls managed to add nearly a percent to their kitty.

Unlike recent sessions, today we witnessed participation from most of the heavyweight pockets. Although, banking started off quietly, we witnessed some catch up moves from banking conglomerates throughout the latter half of the day. We are still yet to thrash key psychological levels of 18000; but the way the market closed today; it is certainly showing early signs of coming out of this long congestion phase. Hopefully, the global peers will provide the much-needed impetus to confirm the breakout in the coming session itself. As far as levels are concerned, 18000–18040 would be closely watched and the moment we surpass it, traders should gear up for a strong rally in coming days. On the flipside, 17800 – 17700 should now be treated as a sacrosanct zone for our market. Traders are advised to stay upbeat and create aggressive positions once the above-mentioned bullish scenario unfolds.

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