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

The Indian equity markets have witnessed a splendid day of trade amid the follow-up buying in the benchmark index. The across-board buying participation provided the much-needed impetus to levitate the market sentiments. Amidst the action-packed day, Nifty surged consecutively for the second time in the week and concluded the session a tad above 18150, procuring 0.62 percent.

On the technical aspect, the index has soared over all the major exponential moving averages on the daily chart, construing a positive development. However, the current placement at the sloping trendline could be seen as the last hurdle to overcome, and any breakout above 18200 could trigger a fresh round of longs in the system. As far as levels are concerned, 18050-18100 is likely to cushion any fall in the index, followed by the sacrosanct support of the 18000 marks. On the flip side, an authoritative move beyond 18200-18250 is needed to affirm the bullish trend, and then we may expect 18400-18500 in a comparable period.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the Metal space. Looking at the recent developments, the undertone is likely to remain bullish, wherein any dip could be seen as a buying opportunity. Meanwhile, we advocate to keep Identifying apt themes and potential movers within the same that are likely to provide better trading opportunities and stay abreast with global developments.

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