The market remains sluggish ahead of key event By Sameet Chavan, Angel One Ltd
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/06/a0b9e91ec8095aef952adc9bca2a24a5.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/It sector_48729.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajay Kumar Srivastava.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Energy Outlook.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Arun Poddar.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Richard McCallum.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/fish farming.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Spices Outlook.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Base Metals.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Apurv Abhay Modi, MD & Co-Founder of ATechnos Group.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6b3c1a932eecc597e7ebc63801f5c2dc.jpg)
Quote on Silver : Silver price falls in recent weeks Says Prathamesh Mallya, Angel One
![Bank Nifty Write Up : In this scenario, immediate support is found at levels around 45000 to 44900 Says Mr. Rajesh Bhosale, Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/052de8b6a271b140ab7a7b65c5f180c9.jpg)
![Market Wrap-Up : Bulls on a roll; Nifty set for the 20K milestone Says Mr. Osho Krishan, Angel One Ltd.](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c3b473fde94c5c2a730f44acc4341955.jpg)
![Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6208478cde315d3c636b81253e95bd4b.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/10/8a48bdac8c67385f22af2b1790cd2d49.jpg)
Market Wrap Up : Generally the Muhurat Trading day is considered a lull session but this tim...
![Market Quote :The major concerns that prevailed in the market during the previous weeks Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/03/af4141e6c9794f6d8460ed7bd4fc4afa.jpg)
![Market Wrap Up : Nifty at 3-weeks high, finally reclaims 17900 Says Mr. Sameet Chavan, Angel One Ltd](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/02/8d6dd0c3384e34f575d405840470d851.jpg)
![The market has marched well in anticipation of faster economic recovery by Vinod Nair, Geojit Financial](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/03/ae8c1496b1242baaa7b490aa9ae32509.jpg)