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

The Indian equity market had a lackluster day of trade amid the absence of buying interest. Despite a positive start, suggested by the SGX Nifty, bulls lacked the confidence to capitalize on the move and the benchmark index hustled in a slender range throughout the day. Amidst the dull day, Nifty corrected 0.20 percent from its previous day’s close and settled slightly above the 16950 level.

On the technical front, no sign of respite was seen in the index as it struggled in a tight range. There have been no significant changes in the chart structure, showcasing the timidity among the market participants. As far as levels are concerned, 16900 remains the immediate support, followed by the sacrosanct support of the 16850-16800 zone. While on the higher end, 17100-17200 is likely to act as the sturdy wall, and an authoritative breach beyond the same could only trigger some more respite in the comparable period.

Going forward, we would advocate the participants to keep a close tab on the mentioned levels and avoid undue risk in the market. Even though the indices are not doing much, sector churning is visible in the broader market, and hence one should focus on identifying such potential movers. In the meanwhile, stay abreast with global developments.

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