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

The Indian equity market started the day on a promising note, taking cues from the SGX Nifty, but failed to capitalize on the initial gains, and the index plunged to lower levels. The hustle continued for the entire session as we witnessed an intense tug of war between bulls and bears. Ahead of the mega event, the Nifty50 index saw a muted close with a mere gain of 0.07 percent and settled the day at 17662 levels.

The market's breadth favored bulls as buying interest emerged in the broader markets. We remain sanguine and expect "Budget 2023" to provide the much-needed impetus for the domestic market. However, such events can be deceptive, and one should therefore avoid becoming complacent ahead of them. Trades should be taken in moderate quantity and with proper risk management. In case of any unfavorable outcome, one should be prepared with an exit strategy as well. As far as levels are concerned, the bulls predominantly safeguarded the pivotal support of 17,500, which showcased their resilience to fight back from the lower levels. On the higher end, 17800 is to be seen as the immediate hurdle, and any authoritative breach would open the room to reclaim the 18000 mark in a comparable period.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the PSU banking space, followed by the metals and auto sectors. For now, all eyes will be on the budget and what it brings to the table to cherish the markets. Meanwhile, the individual pockets are doing well, and one should focus on the stock-centric approach for better trading opportunities.

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