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Below is the Daily Market Wrap Up By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Market had a positive start today despite mixed global cues. In the initial trades, it looked a bit tentative as there was some hangover left of previous day’s late correction. Fortunately all these nerves settled down in the first half an hour and then it was all big boy RELIANCE’s show thereafter. The stock kept surging throughout the day to mark whopping gains over 6% percent. It is needless to mention when this heavyweight moves in this fashion, it certainly takes the benchmark alongside it. If we look at the contributors list, this stock single handedly pushed Nifty beyond 17500 as it contributed 104 points in Nifty today.

The November series ended with slightly less than couple of percent, which clearly snapped its recent winning streak. Also last couple of weeks have been difficult for the markets overall as they certainly went under the hammer. After Monday’s brutal knock, the Nifty seems to have slipped into a consolidation mode. The immediate range would be 17600 to 17200; where 17200 becomes a sacrosanct support and on the flipside, 17600 – 17700 is to be seen as a sturdy wall. We continue to remain on the cautious side and expect the current recovery to get sold into. Hence, traders are advised to start lightening up longs if Nifty enters the mentioned resistance zone. For the coming day, 17400 – 17300 are to be seen as immediate supports. We reiterate that till the time we do not surpass 17900 – 18000, one should continue with a sell on rise strategy. Sooner or later it is likely to breach the key support of 17200.

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