Market Wrap Up : Nifty poised for new highs on expiry day Says Mr. Osho Krishan, Angel One
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Below is the Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd
The benchmark index had a mild start tracking the global cues and stayed in a slender range for most of the session. However, by the penultimate hour, the rush in the high beta financial space reignited optimism, and the index soared toward the lifetime high zone. Eventually, the Nifty50 index concluded the day above the 18800 mark, procuring 0.68 percent of gains.
It has been an eventful day for the market participants as initially, the NSE circular on the update of the Expiry date led to some curiosity, followed by the HDFC twins merger date triggered buoyancy. Technically, the index is poised to test the 18888 level on the expiry day and strong thumbs-up coming from the BFSI space could provide the much-needed thrust to push sentiments. As far as levels are concerned, a decisive closure above the ATH could open gates for the 19000 mark for Nifty. While on the flip side, 18750-18700 is likely to cushion any sort of blip, with sacrosanct support present at the 18650 zone.
We remain sanguine and expect the ongoing momentum to continue in the coming trading sessions. Also, post a long pause the banking space has come out from the slumber phase, so it would be exciting to see how it turns out to withhold the sentiments. Meanwhile, we may expect some volatility over the expiry day with a bullish undertone.
Above views are of the author and not of the website kindly read disclaimer
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