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

The relief in the US markets over the weekend has led to a positive start for our markets, wherein the benchmark index Nifty surged from the lows and kept the momentum going throughout the day. The favorable global conditions certainly augured well for the bulls, and all dips were convincingly bought into. However, a sell-off triggered by the fag end suggests tentativeness at the higher grounds as traders preferred to take money off the table by the end. Amidst the tug of war, Nifty concluded the first day of the truncated week on a muted note, procuring 0.24 percent and settled a tad below the 17000 mark.

The buying emergence in the broader market space levitated the sentiments and the participation from the beaten-down heavyweights could be seen as a constructive development for our market. But from the technical perspective, Nifty is still hovering in a slender range and awaits some trigger to come out from the same. As far as levels are concerned, the 16900 zone is likely to cushion any blips, followed by the sacrosanct support of 16800. While on the higher end, the immediate resistance is placed around 17100-17200, and an authoritative breach beyond the same could only trigger some more respite in the market.

As we advance, many stock-specific adjustments are likely to continue and provide substantial trading opportunities. And even though the indices are stuck in a range, the broader markets are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly. Simultaneously, one should stay abreast with global developments as they are likely to act as catalysts for our market in the short term.

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