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Below is quote on Market continues with its merry run by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

In last couple of sessions, our markets have witnessed a remarkable recovery from sub-17000 territory. This positivity was carried over today at the start as we witnessed a gap up opening with a small margin above 17500. However, in the initial hour, we witnessed a strong bout of profit booking to not only erase opening gains but also went on to slide below 17400. Fortunately the initial nerves settled down immediately which resulted in a complete recovery during the remaining part of the day to conclude the weekly expiry on a positive note tad above the 17500 mark.

Barring first couple of hours, there was not much action seen in market today. In fact the kind of stock specific activity we witnessed in last two sessions, it was also missing barring few exceptions. So we would rather consider this as a muted weekly expiry. If we take a glance at the overall price movement in last 7 – 8 sessions, markets has been gyrating in a slightly wider range where both ends got tested with immense volatility. So market has decided to take some breather after nearing the cluster of resistance i.e. 17500 – 17600 – 17700. Directionally, we are still a bit skeptical whether market has enough strength to surpass the higher boundary of this range. Hence, one needs to now start lightening up longs if Nifty extends the relief move in the coming session. On the flipside, 17400 followed by 17300 are to be seen as key supports.

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