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

                                    Tail end sell-off drags Nifty below 19400

The Indian equity markets started the session on a mild note, but the benchmark index refrained from continuing its northward journey and witnessed a small bout of profit booking during the initial half of the session. The bulls recouped some of the losses from the intraday lows of 19400 but succumbed to the strong sell-off in the penultimate hours and slipped below yesterday’s low. Amidst the whipsaw moves, the Nifty50 index concluded the day in negative terrain with a cut of 0.28 percent and settled below 19400 level.

Technically, the bulls failed to withhold the higher grounds, which led the market to slip slightly in the red, signifying a sense of timidity at upper levels. Though nothing significant has been changed on the technical structure as the overall posture remains upbeat. As far as levels are concerned, a decisive closure beyond the sturdy hurdle of 19500-19520 could only trigger fresh longs in the system. Whereas on the downside, 19300 is likely to provide a cushion from a short-term blip, while the sacrosanct support lies around the bullish gap of 19200-19235 in the comparable period.

Meanwhile, we remain sanguine with broader-market participation, which is likely to contribute to the buoyant undertone in the market. Simultaneously, one must keep a close tab on the mentioned levels and have a pragmatic approach to the indices. Also, with the commencement of the earning season, a stock-centric approach should be advisable for better trading opportunities.

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