Market Wrap Up : the index eventually settled around opening levels on the same day Says Mr. Sameet Chavan, Angel One Ltd
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Below is the Daily Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd
We had a soft opening on Monday on the back of sluggish global cues. With some tiny swings on both sides, the index eventually settled around opening levels on the same day. This was followed by yet another weak session and in the process, Nifty sneaked below the key level of 16500. Fortunately, the table turned completely on Wednesday as we witnessed a strong buying emerging at lower levels to reclaim some important levels ahead of the Fed policy as well as monthly expiry. The Fed chairman didn’t disappoint this time by delivering the expected outcome of 75 bps rate hike and to add the cherry on top, the commentary was very much on the dovish side. This development lifted the overall sentiments on the expiry session as we not only witnessed a gap up opening but also extended the move during the remaining part of the week.
The action-packed week concluded on a strong note and importantly above the psychological mark of 17000 with some authority. This level coincides with the ‘200-SMA’ and hence, should be considered a key development from a technical point of view. Also with this, we are now trading at a 3-month high which is an encouraging sign for the bulls. It has been a trend-deciding week for our market and since we have concluded the July month as well, we are left with a lot of promise for the August month. In the last couple of sessions, we witnessed back-to-back gaps which can be termed as ‘Breakaway Gap and ‘Runaway Gap’, respectively. This is a sign of strong momentum and hence, till the time we do not see today’s gap area of 17018 – 16948 being challenged or filled, we may not see a loss of momentum soon. Just to elaborate, here the loss of momentum stands for the overall buzz we are seeing in individual pockets and not the actual benchmark index. As far as the Nifty is concerned, we may see some consolidation going ahead, but the undertone in the broader market would continue to remain strong. For the coming week, 17380 followed by 17450 are the immediate levels to watch out for.
Although globally we are seeing some relief, we advise traders not to get too complacent. It’s advisable to keep booking timely profits on existing positions at higher levels and the churning within the potential movers remains the key. The NIFTY MIDCAP50 index too traversed through its ‘200-SMA’ and the way some of the midcap counters performed this week, one should look to identify stocks from the cash segments as well.
Above views are of the author and not of the website kindly read disclaimer
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