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

The Indian equity markets had a splendid move in the truncated week, wherein the benchmark index Nifty50 witnessed continuation in the uptrend post the consolidation breakout in the previous week. The broad-based buying emergence showcased the eagerness of the bulls to levitate the market amidst favorable conditions. With a robust trading week, Nifty soared nearly 1.40 percent from its last week’s closure and reclaimed the 17600 level.

The truncated yet eventful week marked in favor of the bulls. The no change in the interest rate by the RBI in the last trading session has provided buoyancy in the overall equity space, and that certainly got reflected in the price action of the key indices. From the technical aspect, it is a strong comeback from Nifty as it surpasses the 200 SMA on a closing basis. But at the same time, one should not become complacent and should not rule out the possibility of a breather post the steep rally. As far as levels are concerned, 17500-17400 is likely to cushion any short-term blip, while the sacrosanct support lies around the bullish gap of 17200 in the comparable period. On the flip side, the 17600-17700 is likely to be seen as an immediate hurdle and an authoritative breach beyond the same could only trigger the next leg of rally in Nifty towards 17800 for the upcoming week.

Going ahead, we remain sanguine with the current momentum and would advocate the traders to utilize the dips to add long positions in the index. Simultaneously, one needs to keep a close tab on the mentioned levels and continue with a buy on decline strategy for the time being. Also, we expect strong moves in the broader market, so one needs to have a stock-centric approach for better trading opportunities and stay abreast with global and domestic developments.

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