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

The surge in the global bourses helped the domestic market become buoyant, wherein the benchmark index witnessed a vital move since the opening bell and uplifted the overall sentiments. The action certainly portrays the urge of the bulls of D-Street, while favorable conditions. The Nifty50 index finally concluded the day at higher grounds with gains of 1.88 percent, a tad below the 15650 level.

Technically speaking, the index has witnessed a positive crossover from the oversold region of the RSI, leading to a short-term reversal. Even the strong bullish candle on the daily chart construes to be an encouraging sign for the bulls, as the Nifty tested the historical support zone of the 15700. On the front of the level, the unfilled gap of 15380-15420 is expected to cushion any minor correction, while the 15180-15200 zone withholds the sacrosanct zone for the index. On the contrary, the 15750 zone is likely to act as a stiff resistance, followed by the sturdy wall of the unfilled gap starting from the 15900 odd level.

Hence, looking at the recent developments, the market is expected to hover within the mentioned zone until any decisive breakthrough does not take place. Meanwhile, global markets also need to be on a close radar as they might act as catalysts with their developments. We advocate having a pragmatic approach in the market by focusing more on the beaten-up frontline counters for the time being.

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