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

The buoyant move continued for the consecutive session in the week, wherein the benchmark index witnessed strong traction since the opening bell. The broad-based buying has uplifted the overall market sentiments, which certainly portrays the urge of the bulls of D-Street while favorable conditions. The Nifty50 index finally concluded the day at higher grounds with gains of 0.38 percent, a tad below the 16350 level.

Technically, the index has maintained its positive stature while marching upwards in the rising wedge on the daily chart. And also, the strong bullish candle on the daily chart construes to be an encouraging sign for the bulls, as such participation is seen after a long while. On the level front, the 16200 level is expected to provide a cushion to any minor decline from the ongoing up move, while the unfilled gap of 16067-16142 is likely to provide a strong demand zone for the index. On the contrary, the 16380-16430 zone is expected to act as immediate resistance, above which the next leg of the rally gets unfolded.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the Banking and Auto space. Also, the broader end of the spectrum did extremely well, which we believe should continue in the coming session as well. Ideally, we expect the index to consolidate a bit now, and hence, the pragmatic approach would be to identify apt themes in order to find better trading opportunities.

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