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

The Indian equity market has witnessed some strong whipsaw moves at the start of this eventful week, wherein the benchmark index Nifty50 had a decent start followed by a gradual correction. However, in the latter half, a strong recovery was seen from the lows of the 17400-odd zone, which levitated market sentiment and snapped the losing streak. The Nifty50 index concluded the day with mere gains of 0.25 percent and settled around 17650.

Amidst the rise in volatility in the market, bulls managed to withhold the pivotal support of 17500 and showed their resilience post two sessions of carnage. We are still not out of the woods and are awaiting some positive triggers to have a modest recovery and enter a positive trajectory. On the technical front, 17500 holds the crucial support zone, followed by the immediate swing low of 17400. On the flip side, 17800 is expected to act as stiff resistance, followed by the 18000 mark in the comparable period.

The broader market remained tentative, while the IT space has seen some strong resurgence, which kept participants engaged for the day. All eyes would be on the Adani Group developments, followed by the mega event of the "Budget 2023," and till we witness some strength in the indices, it is advisable to stay light and have a stock-centric approach.

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