IGI Logo

Below is quote on Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.

The Indian equity market has seen an immensely volatile weekly expiry session, wherein the benchmark index started the session on an optimistic note. The initial buoyant move in the index got aggressively sold into, dragging it towards the day’s low, but soon after, it recouped from the lows and once again cheered the overall sentiments. With all day-long roller-coaster moves, the Nifty finally concluded the day in green, with gains of near a percent, a tad above the 15550 level.

Technically, the market has attracted the trader’s community with its volatility, and also, significant sectors have witnessed strong moves that have added the cherry on the cake. However, the inherent trend remains tentative as the index hovers below the critical zone of 15700. As far as levels are concerned, the 15300-15350 zone is expected to cushion any sort of correction in the near term. While on the contrary, until a decisive breakthrough is not seen above the 15700 zone, the challenging period is likely to persist in the market.

A broad-based buying has been observed across the bourses on the sectoral front, wherein the significant benefactors that boosted the positive sentiments were from the Auto space, followed by IT. Looking at the recent development, traders are advised to keep following the stock-centric approach for better trading opportunities and keep a close tab on global developments.

Above views are of the author and not of the website kindly read disclaimer