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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Our markets started the session on a positive note and after initial hesitancy, the buying resumed in the broader markets to push Nifty beyond the recent highs of 17800 mark. Quite similar to the last few sessions, Nifty remained buoyant on the Intra-day dips, and the winning streak continued for the eighth consecutive session. Bulls eventually added another half a percent to their kitty with Nifty closing a tad above 17800.

Markets remain sanguine, as one after another the intermediate resistances are broken with ease. After the recent trend line breakout that we highlighted in our previous commentary, Nifty has now broken the March month swing high of 17800. This is a very positive development because prices have broken above a major swing high for the first time in this calendar year. Going with the current broad-based buying and momentum, we expect this northward journey to continue; whereas the next set of resistance is seen at the psychological level of 18000 followed by the next swing high of 18137. Having said that, one should avoid being complacent as this recent up-move has been very steep without any breather and hence, some in-between pause or mild profit booking cannot be ruled out. The ideal approach would be to continue using dips as a buying opportunity. Going ahead, the immediate support zone is visible around 17700 - 17650; whereas the sacrosanct level is placed at 200-SMA around 17500.

With markets finding their mojo back, we saw many mid-cap counters giving stellar moves. Going ahead, with the start of the result season, traders should continue to focus on thematic moves that are likely to give better trading opportunities.

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