IGI Logo

Below is the 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 strong note, wherein the benchmark index retested the 17500 zone within minutes after the opening bell. However, it appeared to be a false momentum as the index took a U-turn to pare down the early gains and gradually nosedived into negative terrain. Amidst the hustle, the Nifty50 index slipped to a fresh low in the current calendar year with a cut of 1.49 percent and settled around the 17150 level.

The rub-off effect of the global weakness was quite evident in our market as we failed to sustain at the higher grounds. Technically, our market is in the cycle of lower lows – lower bottoms formation and with today’s strong sell-off, Nifty plunged to new lows, denting sentiments. As far as levels are concerned, the psychological mark of 17000 is in the vicinity now, followed by 16900. While on the flip side, the 200 SMA placed around the 17400-17450 odd zone is expected to act as a sturdy hurdle in a comparable period.

Going ahead, any positive developments in the US market could bring some cheer back and hence one needs to keep a close tab on global bourses. Meanwhile, we advocate to avoid aggressive bets and keep accumulating quality propositions in a staggered manner.

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