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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Our markets started the day on a promising note, but soon experienced profit booking as prices declined throughout the session, erasing yesterday's gains. Unlike recent sessions, there was no significant rebound during the day as Nifty eventually ended with a loss of 0.61% tad below 18300.

In the past few weeks, the bulls had been enjoying a remarkable period, with intraday dips being quickly bought and prices consistently rising. However, today, traders chose to secure their profits as key indices approached critical levels. As a result, a "Bearish Engulfing" pattern has emerged on the daily chart, which does not augur well for the bulls. The hourly chart also reveals a "Rising Channel," with prices ending just around the breakdown levels; making the initial hours of the upcoming session crucial. If weakness persists in the morning session, then further profit booking may push prices towards 18200 and then 18100 in the near term. Nevertheless, the overall sentiment remains strongly bullish, and any consolidation or short-term price correction should be viewed as a healthy part of the upward trend. On the other hand, the levels of 18400 to 18500 can now be considered an immediate hurdle.

Despite the pressure on key indices today, the Nifty Midcap 100 reached a new high, and the market breadth remained positive. Going forward, traders should focus on individual stocks, as they may present opportunities for outperformance.