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Below is on Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Yesterday’s tail end upsurge was followed by a good bump up at the opening today. The benchmark index Nifty continued its march beyond 18100 in the initial hour. However, once again the struggle continues at higher levels. Our key indices kept drifting lower in a gradual manner. Eventually, with banking sulking again, Nifty ended the penultimate weekly expiry with negligible gains above the 18000 mark.

Very much on expected lines, we had a gap up opening today owing to favorable global cues. However, we failed to capitalize on this head-start. Since there was no sustenance from most of the heavyweight constituents, we pared down almost all initial gains. Ideally, our market had all the ingredients today to surpass the sturdy wall of 18200 – 18250; but as always, market has its own plans. Nevertheless, the Nifty has managed to hold important level of 18000 convincingly, we would consider this as an encouraging sign. Today’s move could only be a breather before market takes its leap higher. In our sense, till the time Nifty remains above 17950 – 17900 on a closing basis, there is no reason to worry for. In fact, soon we would see Nifty challenging the recent hurdles of 18200 – 18250. Before this, 18100 – 18140 are to be seen as immediate resistances. Traders are advised to continue with a positive bias and should focus on stock specific actions.

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