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

The weakness in the global market led to a mild start in Indian equities, wherein the benchmark index opened lower on the weekly expiry session. Soon after, the bulls grabbed the opportunity and made a modest recovery in the index, but the correction got triggered again at the higher levels. Amidst the intense tug of war throughout the day, the bulls retaliated firmly and levitated the index to day’s high.  The winning streak continued for the eighth consecutive session, wherein the Nifty concluded the day with a mere gain of 0.07 percent and settled a tad above the 17950 level.

We allude to our previous commentary on not being complacent, as the index has seen a strong vertical movement in the past couple of weeks. However, the undertone is expected to remain upbeat till it sustains above the 17500 odd zone, but some tentativeness could be sensed as the index approached near the psychological mark of 18000. On the technical front, 18000-18150 is seen as the immediate hurdle for the bulls, while 17830-17765 is the immediate support. Looking at the technical setup, the market is likely to trade within the mentioned range until a decisive breakout is not seen on either side in the near period.

Going forward, many stock-specific adjustments are likely to continue and are likely to provide substantial trading opportunities. Hence, traders are advised to have a stock-centric approach and stay abreast with global and domestic developments on a regular basis.

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