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

The Indian equity market tumbled over the covid woes and corrected for the third consecutive day in the week. The benchmark index Nifty50 witnessed a gradual slip throughout the day and plunged below 18100 on the day of weekly expiry. However, post the hustles in today’s session, the index managed to settle a tad above 18100 levels, with a cut of 0.39 percent.

From a technical point of view, the lower lows – lower highs pattern remains intact in the market, following which Nifty plunged to the lower grounds. As we allude to our previous commentary, Nifty has a cluster of support around 18100-18000-17900, which certainly is aligned with the market movements. While on the flip side, until we witness a decisive reversal above 18450, the view remains the same. Going ahead, the macro factors and global developments are likely to dictate the near-term trend in the market. Hence, staying abreast with domestic and global developments over the covid woes is advisable. Meanwhile, one must avoid undue risk and focus on stock-specific action for better trading opportunities.

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