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

Similar to the previous session, we had a sluggish start convincingly below the 16500 mark as indicated by the SGX Nifty early in the morning. As the day progressed, the weakness extended a bit to sneak below the crucial support of 16400 around the midsession. Fortunately, the corrective move halted in the latter half, and in fact, with the help of a modest recovery in some of the heavyweights (especially banking), the Nifty managed to defend 16400 on a closing basis.

It’s been yet another day of boredom for our markets and it seems market participants are opting to be a bit cautious ahead of the RBI monetary policy slated in the forthcoming session. Hence, all eyes are on the Governor now, and let’s be hopeful, that he manages to bring back the lost mojo in our markets. As far as levels are concerned, in the midst of sluggishness, the Nifty has managed to successfully defend the key support of 16400 on a closing basis and the way some of the banking heavyweights rebounded in the last few minutes of trade, was certainly a bit encouraging.  In case of any favorable outcome from the event, we may see Nifty reclaiming 16600 – 16700 levels; whereas on the flip side, any disappointment would lead to a breach of crucial supports placed around 16400 – 16300.

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