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

Last night, US markets had a massive volatility towards the end as they took a nosedive from the day high. As a result of this, today early morning the SGX Nifty was first indicating a massive gap down. But as we came closer to our opening point, the global picture changed. Our markets started the day on a positive note; courtesy to some relief in the global peers. In fact as the day progressed, the buying momentum kept accelerating to conclude the weekly expiry precisely at 17400 by adding nearly 1.40% to the previous close.

The kind of price development we had in the previous session, the possibility of some recovery was on cards. But honestly speaking, Nifty has clearly over surpassed our expectations after extending the relief move beyond 17350. Now looking at the individual stocks, we may see Nifty heading towards 17500 – 17600; but we reiterate, markets are not completely out of the woods yet and hence, it’s advisable to stay light after nearing this zone. On the flipside, 17300 – 17200 are to be seen as intraday supports. For the coming session, if Nifty continues with the bounce back mode, one can look to identify potential candidates that are trading at key supports and are likely to provide good buying opportunity. But we reiterate, our positional view remains bearish and hence, it’s advisable to book intraday profits if Nifty enters the above mentioned resistance zone.

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