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

The global cues today morning were a bit mixed and hence SGX Nifty was indicating a sluggish start of the week. Despite this, we began the session on a positive note and then continued its northward move in the initial hour itself. After surpassing the 17650 mark, the index slipped into a consolidation mode. During the remaining part of the session, we witnessed a slender range with undertone being strongly bullish. Eventually, the Nifty concluded with slightly over seven tenths of a percent gains. 

Our domestic markets are clearly shrugging off most of the unfavorable global developments, which is a sign of inherent strength. Today, although there was not much follow up action seen post the initial up move, the stock specific action kept market participants on their toes. Now, if we take a glance at the daily time frame chart, we can see the index reaching the crucial trend line resistance level of 17700. A small push from the global markets would certainly provide the much needed impetus to the breakout from the recent congestion phase. After this, we will not be surprised to see index hastening towards 17850 and then even towards the psychological mark of 18000. On the flipside, 17540 – 17460 should now provide some cushion on any small intraday declines. Apart from this, the banking space continues to lead from the front, which is a sign of a healthy move. We advise traders to keep focusing on individual stocks; because some of the themes from the broader market are gearing up for strong moves in the near term.

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