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

The Indian equity markets had a spectacular start to the week, taking cues from the positive global developments over the weekend. The benchmark index Nifty50 witnessed continuation in the uptrend consecutively for the third week and settled at the highest point in the current calendar year on a closing basis. Amidst the robust trading week, Nifty soared nearly 1.40 percent from its last week’s closure and decisively settled above the 18300 level.

The broader market participation showcased the eagerness of the bulls to levitate the market amidst favorable conditions, as all the intra-week dips have augured well for the bulls. Also, the ease in the US inflation data has acted as a catalyst that has provided buoyancy in the overall equity space, and that certainly got reflected in the price action of the key indices. From the technical aspect, the sustenance of Nifty at the higher band of the consolidation zone for most of the trading sessions indicates inherent strength. As far as levels are concerned, 18200 is likely to cushion any short-term blip, while the sacrosanct support lies around the 18100-18000 zone in the comparable period. On the flip side, 18500 is very much in the vicinity and with ongoing momentum, it is strongly anticipated to get tested soon. At the same time, an authoritative breach beyond the same could trigger the next leg of rally in the upcoming weeks.

Going ahead, we remain sanguine with the current momentum and would advocate the traders to utilize the dips to add long positions in the index. Also, the high beta index – BankNifty, has gained buying traction, which could provide a vital role in uplifting the overall sentiments of the market. Meanwhile, one needs to keep a close tab on the mentioned levels and continue with a buy on decline strategy.

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