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

The Indian equity market has started the expiry session on a mild note, wherein the benchmark index Nifty50 has a subdued move with no significant traction. The Nifty index stayed in a slender range for the entire day, indicating timidity and refrained from having clarity in the trend. Amidst the lackluster trading session, the index managed to conclude a tad above 18100 with a mere cut of 0.32 percent.

Technically, there have been no significant changes from the last trading session, and as we allude to the previous commentary of Nifty’s placement at the major hurdle of the sloping trendline, which needs to be surpassed for the continuation of the uptrend. As far as levels are concerned, a decisive move beyond 18200-18250 could only trigger fresh longs in the system. Whereas on the downside, 18050-18000 is likely to provide a cushion from any intraday blip.

Meanwhile, we remain sanguine on the market with a bullish undertone. Also, one needs to keep a close tab on the mentioned levels and utilize declines to add long in the system. Simultaneously, individual pockets are comparatively performing well, and traders need to focus on the stock-specific approach to gauge trading opportunities.

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