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

The Indian equity market started the day on a promising note with a decent gap up in the benchmark index, but the bulls failed to capitalize on the initial gains and the index plunged to lower levels. The hustle continued for the entire session as we witnessed an intense tug of war between bulls and bears. The trail-end sell-off led Nifty not only to pare down the initial gains but slipped into negative territory. Post such price action, the index finally concluded the session near the day’s low, a tad above the 18250 level with a mere gain of 0.13 percent.

We remain sanguine as, on a technical aspect, the index is firmly placed above all the major exponential moving averages on the daily chart and is in a cycle of higher highs – higher lows, construing a positive setup. However, ahead of the monthly expiry, Nifty has seen some tentativeness at higher levels; but we do not construe this as any sign of worry. Traders are just opting to take some money off the table ahead of the expiry event. As far as levels are concerned, 18100-18200 is likely to cushion any fall in the index, followed by the sacrosanct support of the 18000 mark. Whereas on the flip side, the 18400-18450 is likely to remain the sturdy wall for the index in a comparable period.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the PSU Banking space. Looking at the recent developments, it is advisable to avoid aggressive bets as the market might act volatile on the expiry day. Meanwhile, we advocate to keep Identifying apt themes and potential movers within the same that are likely to provide better trading opportunities and stay abreast with global developments.

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