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

The mixed commentary post the Fed outcome on the rate hike led to hesitancy in the US bourses, which impacted the sentiments of our domestic indices. The uncertainty was quite evident in our benchmark indices, as they plunged to lower levels post a mild start tracking the positive Asian market. The breakdown in the BFSI counters led to a correction to the benchmark index and eventually, the Nifty50 index snapped the winning streak and settled below the 18700 level, with a cut of 0.36 percent.

Technically speaking, a sense of timidity post the weakness in the high beta banking space dampened the sentiments, and Nifty once again dragged back within the consolidation zone. On the level front, the immediate support for Nifty could be seen around 18600, followed by the sacrosanct support of 18500 in the near period. At the same time, any further sell-off could dampen the near-term bullish sentiments. On the higher end, the 18750-18800 zone remains the critical hurdle and seems a daunting task for the bulls to breach the same in the comparable period.

Going forward, any relief from the global bourses is likely to boost the undertone and especially the banking space. For the time being, one needs to follow a pragmatic approach with a prime focus on a stock-centric approach, as sector rotation is visible in current situation.

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