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

Last night, US markets had a weak session and as a result, the SGX Nifty today morning indicated a sluggish start. In line with this, our markets opened lower, and post the initial nerves,  the benchmark index settled around the 16250 mark. In fact, as the day progressed, a fair bit of buying was observed in many heavyweight constituents. This momentum accelerated in the latter half of the day to conclude the session with over seven-tenths of a percent gains convincingly above 16400.

With reference to our previous commentary, 16300 – 16260 acted like a sheet anchor and the hope of recovering from those levels turned into a reality. Fortunately, the buy-on declines strategy once again played out well and the way we managed to close convincingly above 16400, bodes well for the bulls. Now, if the US market supports with a good positive session today, we may see the Nifty going back to 16600 – 16700 levels in the coming session. At our end, the IT and banking started participating late today, but when they got involved, the market just took off to conclude the weekly expiry on a pleasant note. As far as immediate support is concerned, 16350 followed by 16300 – 16260 should be seen as key levels. Traders are advised to remain positive but yes aggressive positions are not advisable till the time trend becomes strong.

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