IGI Logo

"Market Wrap Up" by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Yesterday’s dramatic session was followed by a pleasant start today morning. Within a few minutes of trade, the Nifty moved towards 18100 and meanwhile, the banking index just hastened to register a new high of 41840.15. It looked as if we are going to have a great weekly expiry today.  But as mostly market surprises every now and then, we witnessed a sharp profit booking thereafter to not only pare down gains but also slipped well inside the negative territory. With some volatile swings in the latter half, the Nifty eventually concluded the weekly expiry with a cut of seven-tenths of a percent, a tad below the 17900 mark.

Today’s profit booking in BANKNIFTY was no surprise to us; but the way it closed at the lowest point of the day, was a bit unexpected. This price development should be construed as merely a profit booking in critical indices. But the next couple of sessions would be quite important in order to maintain the recent positivity. As far as the Nifty is concerned, Wednesday’s low of 17770 would be seen as a pivotal point, and till the time, we can defend it, there is no reason to worry about it. On the flip side, 17950 followed by 18100 are considered immediate hurdles. As of now, we continue to remain upbeat and expect the market to resume its upward trend, if there is no aberration on the global front. Meanwhile, Midcaps continue to buck the trend, and hence it's advisable to keep focusing on such ideas.

Above views are of the author and not of the website kindly read disclaimer