IGI Logo

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

                                                           Weakness augmented on the weekly expiry; Nifty slipped below 19400

The Indian equity market tumbled over the global woes and significantly corrected for the consecutive day in the week. Initially, Nifty managed to shrug off the weakened global developments and tried to become stable, but a sell-off got triggered in the latter half, which dragged the index to lower levels. Eventually, by the penultimate hour, we witnessed some recovery from intraday lows which led Nifty to settle a tad below 19400, with a cut of 0.74 percent on the daily time frame.

Though the fall in the last two trading sessions was severe in nature but was mainly because of the external macro factors; hence we should not be apprehensive for the time being. On the technical charts, the benchmark index is hovering near the sacrosanct support of the bullish gap at 19201-19235, which might act as a pitstop for the bears in the near term, before which 19300 might provide some cushioning. While on the flip side, 19500 is likely to be seen as an immediate hurdle (coincides with 20 DEMA), followed by the bearish gap around 19680 in the comparable period.

Going ahead, the macro factors and global developments are likely to dictate the near-term trend in the market. Hence, staying abreast of domestic and global developments is advisable. Meanwhile, one must avoid undue risk and focus on a pragmatic approach till uncertainty prevails.

Please find attached the media kit from Angel One Ltd. (Formerly known as Angel Broking) for your reference. 

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