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

The US stock exchanges experienced significant downward pressure overnight, which influenced our markets to begin trading with a substantial gap down opening. However, the bulls seized this opportunity, resulting in a sharp rebound and recovery of the morning's losses. Similar to recent sessions, trading activity during the mid-session remained lackluster, with prices trading within a range. As European markets commenced their trading activity, we once again slipped lower, eventually ending the day with a loss of 0.34% a tad below 18300.

Following a strong performance on Friday, the key indices have displayed a lack of significant movement in the past two sessions, indicating a dull trading atmosphere. Despite the overall bullish sentiment, buying interest wanes as prices approach critical resistance levels. It appears that the market is awaiting a catalyst, and once it arrives, we might witness a surge in momentum, potentially during the monthly expiry session. Looking ahead, the range of 18200 – 18400 is considered crucial, and if the lower end is breached, prices could retreat toward key support levels at 18100 – 18050. On the upside, a breakthrough beyond 18400 may lead to further gains, potentially reaching and surpassing 18500 in future sessions. Traders are advised to monitor these levels closely and adjust their trades accordingly.

While the frontline index continues to lack excitement, the Nifty Midcap 100 index continues to reach new highs for the year. We emphasize that the real action lies within the midcap segment, and traders should focus on such opportunities.

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