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

The mixed global market led to a mild start in Indian equities, wherein the benchmark index started the session on a flat note. Soon after, the bulls grabbed the opportunity and made a modest recovery in the index, post which slender range-bound moves were seen for the majority part of the day. Amidst the lackluster session, the bulls showed their comeback in the last half hour and snapped the losing momentum of the past three days. The Nifty concluded near the day’s high, procuring nearly half a percent, and settled a tad below the 18250 level.

Technically, there has been no substantial change in the market outlook as the bulls firmly withheld their support zone and showed their presence by the fag end. The undertone is expected to remain upbeat till Nifty sustains above its sacrosanct demand zone of 18100-18000. Looking at the technical setup, until the index surpasses its swing high of 18450 in a decisive manner, a range-bound movement could be continued in the comparable period. Simultaneously, some tentativeness could be sensed ahead of the November month expiry, and participants are keeping a cautious approach in the market.

Going forward, many stock-specific adjustments are likely to continue and provide substantial trading opportunities. And even though the indices may not be doing much, the individual stocks are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly and stay abreast with global and domestic developments on a regular basis.

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