Market Wrap Up : Nifty continues to climb higher amidst a range-bound session Says Mr. Rajesh Bhosale, Angel One
Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd
Nifty continues to climb higher amidst a range-bound session
In the absence of any major trigger, the benchmark index Nifty started the day on a flat note. This was then followed by a lackluster day of trade as prices gyrated within a range of 40 – 50 points for a major part of the day. Eventually, the winning streak continued as Nifty ended with gains of 0.19% at 18634.
Technically not much has changed as quite similar to the previous session we witnessed a subdued intraday session. The undertone remained bullish, and the fact that prices defended the bullish gap from the previous day is an encouraging indication of a sustained breakout. We expect the northward journey to continue, however, we reiterate that the momentum might not be swift and it’s clearly visible with back-to-back small candles on the daily chart. The apt strategy would be to take advantage of intraday declines to go long and secure small profits at higher levels. In terms of levels, the bullish gap formed around 18550 – 18500 is expected to provide immediate support, while the previous resistance at 18400 is now anticipated to act as a strong support level. On the flip side, the range of 18780 – 18900 is considered an immediate resistance zone.
The sectoral front displayed a mixed performance, with no clear winners emerging. Nonetheless, we anticipate sector rotation to continue, and traders should concentrate on thematic moves that are likely to offer opportunities for outperformance.
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