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

We had a gap up opening to start the week; however, within the first few minutes itself, the prices pared down initial gains.The benchmark didn't show much traction thereafter, but a gradual upside movement was seen towards the latter half of the day. Nifty eventually ended with marginal gains of 0.22% a tad below 17400.

In the last couple of sessions, our markets had seen a decent run up and hence, today’s session (especially the first half) was more like a breather. The undertone remained bullish, as the broader markets kept buzzing, and intraday dips were seen as a buying opportunity after nearing key support. Prices have now reached a key juncture of resistance placed in the zone of 17450-17600, which is the confluence point of bearish gap, key averages, and a retracement level. Looking at the momentum, we expect these hurdles to be surpassed quite soon. At this moment, it is ideal to focus on a stock-specific approach; because many new themes are likely to get unfolded. For index trades, one should prefer dips as an opportunity. Today's low around 17300 should be considered as an immediate support, whereas strong support base shifts towards the bullish gap left around 17200-17150. Traders are also advised to keep a close eye on important global and domestic cues that are lined up in this truncated trading week.

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