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

The Indian equity market started the day on a mild note amid mixed global cues, wherein the benchmark index seemed a bit nervous from the early trades and slipped into the negative terrain. However, the dip augured well for the bulls, and they made a modest recovery by the mid-session. But by the fag end, the correction triggered again resulting in a tentative closure with a mere loss of 0.05 percent and settled a tad above the 17000 mark.

We allude to the previous commentary on the benchmark index entering the cluster of key moving averages, i.e. 89-day EMA and 200-day SMA. Technically, the support of 17000-16800 shows their resilience as bulls retaliate from the same during intraday declines. As long as the mentioned zone is decisively held back by the bulls, one need not worry about further correction. Also, since the markets are extremely oversold, we advocate reducing short positions. Meanwhile, the intraday hurdles are seen around 17100 – 17200. Only a sustainable move beyond 17200 would trigger a sharp short covering rally in the market. Until then, the broad range (16800 – 17200) continues with a lot of indecisive swings on both sides. Traders are advised to keep a close eye on global development as well. Any respite in oversold global peers would certainly uplift the overall market sentiments.