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Below is the Daily Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

The SGX Nifty indicated a soft opening for the new calendar year. However, our markets completely shrugged off these cues as they started the session marginally in the green. We did see some ambiguity in the first half; but with few heavyweights attracting strong buying around the mid-session, Nifty picked up decent momentum in the upward direction. Eventually, we ended the inaugural session around day’s high by adding half a percent to Friday’s close.

Although, the overall trading range for Nifty was small today, the undertone remained strongly bullish, especially in Metal, NBFC and few auto counters. The broader market too performed well, kept market participants engrossed all the time. Now as far as levels are concerned, 18100 - 18000 seems to have become a strong demand zone. Till the time, we continue to trade above this key support zone, there is no reason to worry. On the flipside, the barrier is clearly visible around 18250 - 18300, which we believe is likely to get surpassed soon. Traders are advised to stay upbeat and keep following stock centric moves.

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