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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

The SGX Nifty in the morning was indicating a timid opening for our markets, but we started on a flat note and quickly declined during the initial hours, reaching an intraday low of 18660. Similar to the recent trend, the mighty bulls saw this dip as an opportunity and there was a strong rebound, not only recovering the morning losses but eventually closing with a gain of 0.33%, comfortably above 18800.

The day presented a mixed picture, with some weakness in the morning session, but the bulls had the final laugh. In the past four days, the Nifty has followed a pattern of one down day followed by one up day. Therefore, despite the formation of a 'Dark Cloud Cover' yesterday, we believed there wasn't much cause for concern for the bull’s camp. Now considering the momentum and buying in heavyweight stocks today, it is possible to expect the Nifty to reach new highs in the upcoming morning session, and then potentially head towards the psychological level of 19000. Traders are hence advised to remain upbeat and continue the recent strategy of buying during intra-day dips. In terms of support levels, 18550 – 18600 are crucial levels, with today's low around 18660 also serving as a pivotal point.

On the sector front, performance was mixed, with no clear winners emerging. However, we anticipate ongoing sector rotation, and traders should focus on thematic moves that are likely to provide opportunities for outperformance.

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