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

The Indian equity markets tumbled ahead of the weekly expiry, wherein the benchmark index Nifty50 slipped over 300 points and concluded the day with the formation of a strong bearish candle. The sell-off augmented in the latter half of the session, which plunged the index below yesterday’s low and dampened market sentiments. Amidst the selling pressure, the index settled a tad below the 18200 level, with a cut of almost a percent.

Technically, the market has entered a cycle of lower lows – lower highs formation, and till the 18600 zone is not breached in a decisive manner, the ongoing trend remains intact. On the lower end, the sacrosanct support is placed around 18100-18000-17900, which is highly anticipated to remain unscathed. On the flip side, 18450-18500 is to be seen as the intermediate resistance before the major hurdle of 18600. Considering the recent price action, traders are advised not to carry aggressive overnight bets for a while and should adopt the strategy of following one step at a time and respect levels on both sides. Also, one needs to stay abreast with global developments and should continue to focus on individual stocks as the thematic moves are still playing out well in the market.

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