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

The weakness among the global peers led to a timid opening in our equity market. The benchmark index Nifty50 started the day with a small gap down and hustled in a narrow range at the lower end throughout the session. Amidst the lackluster session, the bulls showed their comeback in the penultimate hour and made a modest recovery to pare down some of the initial losses. The Nifty concluded near the day’s high, shedding nearly 0.30 percent, and settled a tad below the 18650 level.

On the technical front, the support of 18600 once again proved its mettle as bulls firmly retaliated to safeguard the same. We allude to our previous commentary to have the buy on dip and sell on rise approach, which seems perfectly aligned with the current market conditions. As far as levels are concerned, till the time the sacrosanct support of 18600-18500 is firmly withheld, there is no sign of worry for the participants. While on the higher end, a series of resistances could be seen starting from 18700-18750 to 18800-18850 in the comparable period.

Going forward, the index is likely to hover within the mentioned range and meanwhile, one should keep focusing on the stock-specific front for trading opportunities. Simultaneously, all eyes would be on the upcoming RBI policy outcome that might dictate the near-term trend for the market. Hence, we advocate to stay abreast with domestic as well as global developments.

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