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Below is the Daily Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Our markets once again completely ignored the sluggish global cues as we started the session on a positive note. In the initial hour, Nifty literally hastened beyond the 17750 mark and it appeared as if it was going to come out of the congestion zone finally. But tentativeness was observed once again at higher levels, which resulted in erasing all gains to even slide below 17600 around the midsession. Fortunately, the dip was bought into successfully, and with some zig-zag movement, the Nifty concluded the session marginally in the red.

Today, the kind of start we had, the market should have ideally ended its recent consolidation phase. Unfortunately, it’s not the case in the end. The coming session would be quite crucial and it would probably confirm the near-term direction of the key indices. A small push from the global market is the need of the hour. As far as levels are concerned, 17700 – 17800 remains to be the sturdy wall and the moment we surpass it convincingly, it will open up the gates for a move towards 18000 and beyond. On the flip side, 17600 – 17500 are to be treated as immediate support. The key indices might be consolidating but the broader end of the spectrum keeps on buzzing. Traders are advised to keep focusing on such potential candidates which are likely to continue their recent runs.

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