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

The Indian equity markets started the week on a positive note, wherein the benchmark index witnessed a modest recovery from the previous week’s low. However, the market lacked conviction and remained in a slender range throughout the week, barring the last trading session, which dragged Nifty below the pivotal level of 19500. Also, the RBI’s status-Quo failed to direct any strong trend in the markets. And amidst the lackluster moves, the Nifty50 index concluded the week on a negative note, correcting 0.45 percent WoW to settle around 19430 zone.

The Nifty index restricted its move to 230 odd points in the eventful week, showcasing timidity among the counterparties. Technically speaking, amidst the ongoing consolidation in the market, the chart structure construes a time-wise correction, which is to be taken as a healthy sign in a bullish market scenario. As far as levels are concerned, the immediate resistance can be seen around 19500-19600 zone, followed by the bearish gap of 19678-19705, withholding a sturdy hurdle for Nifty and requires a decisive breakthrough to regain strength. On the flip side, the immediate support is placed around 19380-19350, followed by the strong demand zone of the bullish gap 19235-19201 on the spot levels for the upcoming week.

Considering the current scenario, we would advocate to avoid undue risk and aggressive trades in the indices. Meanwhile, the broader market space is keeping up the buzz and one needs to be very selective while choosing stock-centric moves for an outperformance. Also, stay vigilant with the global developments as our market awaits some triggering points to come out of the consolidation zone and tune up the next trend.