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

Our markets witnessed a marginally positive opening, however right from the word go prices started to slide lower forming an open high kind of scenario. During the midst, there was a mild bounce back that was inferior to the Bank Nifty. Eventually, this bounce as well got sold into as one more round of profit booking resulted in Nifty ending below 17600 with a loss of around nine-tenths of a percent.

It was a disappointing session for the bulls as, despite some recent positive developments, the markets are lacking sustenance at higher levels. The culprit remains heavyweights, as one or the another from them continues to comfort in the back seat; today the major draggers were Reliance and Auto counters. Nifty has now given up initial weekly gains and is now placed at a neutral juncture. Going ahead, 17500 followed by 200SMA placed at 17430 would be considered sacrosanct support and we remain hopeful that buying will re-emerge at lower levels. However, since we are not seeing follow-up buying traders need to avoid undue risk and need to be very fussy in their stock selection. On the flip side, the 61.8% retracement level (17800) that we have been highlighting since the last couple of sessions remains a stiff resistance, and for the trend to technically turn into positive need to close above it with some authority; before that 17700 should also be considered as immediate resistance. The banking space remains a key ray of hope for the bulls as the bank index continues to show resilience and has been well sustained above the recent bullish breakout levels.  Also one needs to keep a tab on global developments as some positive developments there could trigger optimism back in our markets.

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