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

The Indian stock markets had a flat start to the session, with the benchmark index edging slightly higher in the first few hours amidst the announcement of the RBI policy. The monetary decisions were in line with market expectations, leading traders to take profits after the announcement. As a result, prices not only erased their morning gains but also ended the session with a loss of 0.48%, just below the 18650 level.

It was a disappointing session for the bulls camp, as the market initially showed promising signs on the event day, indicating a potential move towards record high levels. However, traders preferred to book profits at this crucial juncture, considering the overbought conditions. The cascading effect of the weekly expiry resulted in prices breaking below intraday support levels, resulting in the loss of most of yesterday's gains. Currently, prices are hovering around a key support level, and it will be important to observe if there is further profit booking in the early hours of the coming session. If so, prices may decline towards the 18500 zone, which could present a re-entry opportunity for the bulls. On the other hand, if there is no further weakness, prices may rebound from these levels and retest the levels of 18750 - 18800 before potentially reaching new all-time highs. Traders should monitor the mentioned levels closely and also keep an eye on global developments.

The Nifty Midcap 100 ended its thirteen-day winning streak, and although there might be additional profit booking, the higher time charts for this sector remain captivating. Therefore, traders should continue to use price dips as an opportunity to add long positions for potential outperformance.

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