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

The positive global developments led to a firm start in our equity market, and gradually the benchmark index kept surging upward on the expiry session. The broad-based buying has uplifted the overall market sentiments, which certainly portrays the urge of the bulls of D-Street while favorable conditions. The Nifty50 index finally concluded the day at a 52-week high with gains of 1.19 percent, a tad below the 18500 level.

Technically, the index has maintained its cycle of higher highs – higher lows and decisively breached its previous swing high on the daily chart. Simultaneously, the strong bullish candle formation and the buoyant market participation on the expiry day construe an encouraging sign for the market. On the level front, the 18200-18300 level is expected to provide a cushion to any minor decline from the ongoing up move. At the same time, the index is well-versed to reclaim the lifetime high zone and enter uncharted territory in a comparable period.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the Technology and BFSI space. Also, the broader end of the spectrum did exceptionally well, which we believe to continue in the coming sessions. Ideally, we expect the index to keep up its momentum and any sort of blip to be considered as a buying opportunity for the coming sessions.

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