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

This morning the global set up was slightly pleasant, and in line with this, our markets started the session on a positive note. The strength continued ahead of the RBI's monetary policy, and since the outcome was very much in line with consensus (rate hike by 25 bps), we witnessed a consolidation thereafter. The buying resumed towards the latter part of the session to eventually conclude with over eight tenths of a percent gains tad above the 17850 mark.

In the last couple of sessions, the benchmark index remained sideways, and today, for the entire session, broad-based buying was clearly visible. This is what we had alluded in our previous commentary that the consolidation is probably a breather and market is likely to make an attempt in the upward direction. However, the banking space remained muted, and barring ICICI Bank, no other banking counter participated in today’s move. Hence, if we have to surpass the sturdy wall of 17900–18000, the banking heavyweights should contribute convincingly. Above which, the market will come out of the recent congestion zone, and we may see good broad-based participation thereafter. On the flipside, 17800 followed by 17700 should now be considered as immediate supports. The remaining two sessions of the week would be quite crucial as it is likely to dictate the near-term direction for our market.

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