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Below is quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Last night, the US bourses were under tremendous pressure, and taking cues from there our markets started with a big gap down opening. As the day progressed, we witnessed broad-based weakness, and the sell-off extended without any meaningful intraday bounce. Nifty eventually ended with a cut of 1.53% tad above 17550.

Amidst weak global cues, Nifty broke below the key support of 17700 and triggered a sell-off to register the weakest close in the last four months below 17600. The charts have now been distorted and the momentum is gripped by the bears. Now all eyes would be on how markets react on the F&O expiry day, whether we see a follow-up sell-off or there's some respite at lower levels. In our sense, the hourly charts are a bit oversold, and creating short positions from current levels may turn out to be risky. Also at the lower end, we see a strong zone of support around 17350 - 17400 which coincides with the budget session low and 200SMA; as of now, we sense prices to defend this zone. Aggressive traders can opt for buying in this zone if there's further weakness in the morning session. On the flip side, previous support around 17700 - 17750 is likely to act as immediate resistance.   With global uncertainty, volatility is likely to remain on the higher side and hence traders are advised to keep a tab on the mentioned levels and trade accordingly on the expiry day.

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