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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 snapped its selling spree and made a modest recovery in today’s session. The benchmark index kickstarted the session on a positive note and stayed on the upward trajectory throughout the day. The bulls showed their presence post the strong correction of eight consecutive sessions and levitated market sentiments. The Nifty concluded near the day’s high, procuring nearly nine-tenth of a percent, and settled around the 17450 level.

As we allude to our previous commentary of not being carried away with the sell-off, it aligns precisely with the market move. Also, the buying emergence in the beaten-down counter could be seen as a constructive development in the market. On the technical front, the 200 SMA has shown its significance as Nifty kept hovering near the same. As far as levels are concerned, 17350-17300 is likely to cushion any short-term blip, while the swing low of the 17250 odd zone is expected to act as a sheet anchor for Nifty. While on the higher end, an authoritative breach beyond 17600 could trigger the next leg of rally in the comparable period.

Going forward, many stock-specific adjustments are likely to continue and provide substantial trading opportunities. And even though the indices may not be doing much, the individual stocks are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly and stay abreast with global and domestic developments on a regular basis.

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