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Below is on Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

On Friday, there was no major traction in the index, and our markets lacked conviction at the higher end of the recent trading range. Nifty eventually ended with a minor loss to close the session almost at the previous week's close.

We have certainly weathered the storm, and the market has digested most of the pain from the recent fiasco. Now that we are trading around this crucial juncture, the market is awaiting some solid triggers to come out of the recent slumber phase. The breakout could happen either way, but if we have to predict one, we would certainly like to stay positive. Hopefully, the contraction of range breaks out higher and the trend deciding level to watch out for would be 18000. This will confirm the completion of long corrective phase. We can then see some exuberant moves in market as the sentiments are likely to improve drastically post the breakout. On the flipside, the support range is visible around 17800–17700.

We reiterate that if benchmarks have to surpass the 18000 mark, the heavyweight banking space needs to participate heavily. During the last week, banking stocks kept on sulking, and hence, we failed to make a move beyond these hurdles. Hopefully it finds its mojo soon and propels market higher. Apart from this, the broader market did well towards the latter half of the week. The way NIFTY MIDCAP50 index is shaped up, we remain hopeful to see some encouraging moves in this week.

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