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

The Indian equity market started on an optimistic note, wherein the benchmark index Nifty50 witnessed a decent gap-up and soared above the psychological mark of 16000 during the first half of the session. Though the sustenance at the higher grounds was challenging as the Bears showed their resilience of not letting the psychological mark get taken so quickly and tightened their grip to pare down all the gains of the session. With all the actions, the index concluded the day in red with a mere loss of 0.15 percent and settled a tad above the 15800 level.

Technically, the index witnessed tentativeness at the higher levels, and the index again dragged back in the slender range of 15700-16000 odd zone. The psychological mark of 16000 proved its sturdiness, impelling the bulls to put their foot back. On the technical front, 15650-15700 holds the demand zone for the index, and any correction could be seen as a buying opportunity. On the contrary, a decisive closure above the 16000 mark could only ascertain the bullish trend in the near period. 

Hence, looking at recent price action that construes an unclear market trend, participants are advised to avoid any undue risk and stay abreast with global developments. Also, as much action is seen outside the index, we advocate continuing with a stock-centric approach for better trading opportunities.

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