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Below is the Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd

                                                          RIL surged 4%, withholding Nifty to close flat

Our domestic market subsided the bleak indication of the Gift Nifty in the early trades and started the session with a decent gap up. The heavyweight major Reliance led to a cheer in the market, leading the benchmark index to inch higher and recoup some losses during the first half. However, there has not been strong participation from other heavyweights resulting in a slender range-bound move for the Nifty50, which eventually settled with a mere gain of 0.12 percent, a tad above 19350 zone.

Technically, there have been no significant changes in the index, as it settled near the previous day’s closure. As we alluded to in our last commentary on indices to consolidate considering the overbought conditions, which certainly align with the current market movement. Also, the inside bar formation in the daily time frame shows a sense of timidity at the current juncture, wherein both bulls and bears lack conviction. As far as levels are concerned, the bullish gap of 19200-19235 is likely to act as a strong support zone, and till the index sustains above the same, one needs to utilize the dip. On the higher front, a sustainable breakthrough beyond the immediate resistance of 19500-19525 could only bring the cheer back to the trader’s fraternity.

The primary benefactor which withheld the bullish sentiment was the index heavyweight Reliance, followed by the Metal space. For now, the thematic moves are in play and one should focus accordingly to get better opportunities in the market. Simultaneously, one should stay abreast with global developments along with the upcoming macro data, which may act as a catalyst in the near future