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

We had a nervous start for the week owing to sluggish global cues. The selling aggravated a bit in some of the heavyweights in the first half and in the process, the Nifty slid towards the 17700 mark. Fortunately, this intraday support provided cushion to the weakness and due to modest recovery in the latter half, Nifty concluded the session with half a percent cut tad above 17750. The banking space showed some resilience in the initial hour but eventually it failed to sustain at higher levels, which resulted in today’s sluggishness in the market. 

After last week’s volatile swings, we had a quiet session today. Although, key indices ended in the red, the overall intraday range was slightly narrow as compared to the recent price fluctuations. For the coming session, 17700 followed by 17600 is likely to provide the support to any intraday decline, whereas on the flipside, the cluster of resistances is visible around 17870 – 17940 – 18000. If markets have to regain strength, we need to surpass these pivotal points with some authority. Until then we may continue with similar range bound movement and the real action would continue in individual pockets. The Nifty Midcap50 index remained firm throughout the day, which is the reflection of stock specific action in the market. Traders are advised to keep focusing on such movers and should ideally avoid aggressive overnight bets.

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