IGI Logo

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

Our market has seen an optimistic start with a decent gap up, wherein the benchmark index Nifty50 tested the 17000 mark at the opening bell. But soon after, a sell-off got triggered that gradually dragged the index below yesterday’s low, signifying the strength of the bears at higher grounds. With the intense day of sell-off, Nifty continued the selling streak for the seventh day in a row and settled a tad above the 16800 level with another cut of 0.24 percent.

Technically speaking, the overall sell-off in the broader market has dampened the sentiments, and the 17000 mark seems to be a significant hurdle for the index. The technical structure looks very disruptive, with all indicators signaling the trend southwards. Until we decisively claim to the 17000 mark, a sense of tentativeness could be sensed in the comparable period. As far as levels are concerned, the unfilled gap of 16750-16650 is expected to cushion any further correction, while on the higher end, 17000 followed by 17200 is the crucial hurdle for the benchmark index.

Going forward, the RBI monetary policy is slated in the coming session; hence, traders should keep a close eye on the event. Apart from this, global development should also not be overlooked, and therefore, one needs to avoid aggressive bets and focus on stock-specific actions.

Above views are of the author and not of the website kindly read disclaimer