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

We have witnessed a promising start for the new week, wherein the initial hiccup got decisively bought into by the bulls, and the uptrend continued. The optimism across the global bourses has spread buoyancy to our market, resulting in broad-based buying interest. The benchmark index Nifty50 surged upwards for the fourth consecutive session to reclaim the 17300 level by procuring over a percent gain.

The bulls have taken complete control of the market, which is quite evident on the technical chart with its higher highs – higher lows formation. The outburst seen after the breach of the 16800 zone depicts the impeccable strength of the bulls when the scenario turns favorable. But also, in the meantime, one should not rule out the factor of profit booking as the Nifty heads towards the crucial resistance gap of the 17450 odd zone. Hence, it is advisable to monitor the profits and regularly trail them for better returns. On the flip side, 17200 is expected to cushion any minor correction, while the unfilled gap around the 17000 mark holds the sacrosanct support zone for the index.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the Auto and Banking space. Looking at the recent development, the undertone is likely to remain upbeat, with significant traction seen outside the indices. Hence it is advisable to keep Identifying apt themes and potential movers within the same, which are likely to provide better trading opportunities. Meanwhile, staying abreast with the global market is advisable.

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