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

After a strong second half yesterday, trading activities for our markets started on a positive note. Similar to Monday, it appeared that prices would reach new highs for Nifty in the initial few minutes. However, profit booking caused prices to dip below 18800 in the first couple of hours. Once again, this dip was bought into during the second half, gradually pushing prices higher towards the morning highs. The day ended with gains of 0.21%, slightly above 18850.

While SENSEX reached a fresh new high today, Nifty missed this achievement by a whisker. We believe that Nifty will likely reach this milestone in the early minutes of the coming session. The question now is whether there is enough steam to drive prices towards the psychological level of 19000 and beyond in the near future. Our view remains positive, but for the same, it requires Bank Nifty to become active after trading in a range for almost a month. Once momentum returns to the banking sector, it will trigger optimism across the board and lead to trending moves in index-specific trades. Until then, the market may continue to experience choppy movements especially index specific, and it is advisable to stick with a buy-on-dips strategy. In terms of price levels, not much has changed, and the immediate support zone remains at 18700 - 18600. On the upside, 18940–19000 can be considered as immediate resistance for the weekly expiry session.

Traders should keep an eye on the aforementioned levels for the weekly expiry trade and focus on thematic moves, as they have been delivering outperforming results.

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