IGI Logo

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

The weakness in the global bourses over the weekend amidst the rising concern about inflation data, led to a muted opening for our equity markets. The benchmark index had a mild start to the truncated week and stayed in a slender range for the major part of the session. However, by the day's end, some recovery was seen from the lows, and the index eventually settled on a positive note, a tad below the 18700 level procuring 0.14 percent in the day.

Technically, there have been no significant changes in the chart structure and even with the small ‘Doji' formation, the market seemed quite indecisive. As far as levels are concerned, a decisive closure above the 18720-18750 zone would only affirm the strength in the benchmark. Whereas on the downside, 18650-18600 is likely to act as a critical support zone and any breach below the same could disrupt the nearby trend in the market.

Going forward, sectoral rotation is evident and thus, we would advocate traders to emphasize on the thematic movers till the indices trend remains uncertain. Simultaneously, one needs to keep a close tab on global developments which may act as catalysts to dictate near-term trend and have a pragmatic approach to the indices.

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