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

Nifty settled around 19550 amidst the RBI’s status-Quo

The Indian equity market started the eventful day with a cautious tone and post the RBI policy outcome, we witnessed intensified correction in key indices. Eventually, the market stabilized and showcased some resurgence from the pivotal support but failed to carry the momentum. Amidst the whipsaw moves (which is evident on such events), the benchmark index concluded the weekly expiry on a negative note, correcting nearly half a percent from the last closure and settled a tad below 19550 zone.

Technically, the index continues to hover near the 20-day SMA with no significant change in the chart structure, portraying a lack of conviction by both counterparties. Structurally the setup remains unchanged, suggesting further consolidation in the index and continuing the time-wise corrective phase. On the levels front, the bearish gap of 19678-19705 withholds the sturdy hurdle and on the lower end, 19500-19440-19380 holds the pivotal support for Nifty in the comparable period.

The mentioned technical levels withhold strong significance and one needs to keep a close tab on the same to project the near-term trend in the market. Sectoral rotation along with broader market participation is still in play. Hence, one must focus on stock-specific actions till the key indices remain in the consolidation zone for an outperformance.

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