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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Despite SGX Nifty indicating a subdued start, the Nifty benchmark opened on a positive note. However, there was no follow-through buying at higher levels, and prices gradually declined throughout the session. Eventually, a low-spirited weekly expiry session ended with a loss of 0.25%, settling just below 18500.

The past few weeks have been highly favorable for the bulls, but now prices have entered a correction phase due to global uncertainty. Going ahead, this correction, whether in terms of time or price, may continue. Nevertheless, traders should bear in mind that the primary trend remains positive, and such corrections present opportunities to re-enter long positions. In terms of levels, the current prices are situated at crucial support levels around 18450 - 18400. If there is any improvement in the global situation, the market ideally should rebound from these levels and regain 18600 - 18700 and higher in the near term. However, breaching this support zone would shift the focus to the 20-day exponential moving average (20EMA), which previously served as strong support during the last correction, now acting as a critical level at 18300.

While there weren't many opportunities for the bulls in index-specific trades, there were numerous instances of stock-specific action. Therefore, we emphasize that traders should concentrate on such opportunities.

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