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 "Weekly Market Wrap Up" by  Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.

Market had a mild start to the new trading week post the strong closure from its previous week’s rally and managed to withhold at the higher grounds. After the initial up moves, the index slipped into a consolidation zone for the rest of the trading week and kept hustling in a slender range of 200 odd points. By the weekend, a sell-off triggered in the broader market, which dragged the benchmark index lower, but bulls retaliated well to safeguard the support zone and concluded the week with a mere cut of 0.23 percent. With the weekly closure, Nifty snapped its four weeks of winning streak and settled a tad above the 18300 level.

It has been a lackluster week for the market participants as the follow-up buying was clearly missing to uplift the market, and this resulted in a lull movement in the benchmark index. Global concerns over rising inflation have led to mixed action, mirroring which our market remained tentative at the higher levels. On the technical front, the structure remains upbeat. As far as levels are concerned, the bullish gap of 18100-18250 is likely to provide a cushion to any intra-week blip, and it is highly anticipated that the dip would augur well for the bulls. On the flip side, the 18450-18500 is a significant hurdle for the bulls, and any decisive breach above the same could only trigger a fresh round of rally in the market. Meanwhile, the market awaits some trigger points to have an upsurge, and in the meantime, the index is expected to remain in the mentioned range.

We remain sanguine with the uptrend and would advocate the traders to utilize the dips to add long position in the index. Also, despite the lethargic moves in the index throughout the week, some of the individual pockets kept buzzing. Hence, we expect some interesting moves to unfold in a larger pool of stocks, which is likely to provide better opportunities for momentum traders. We advise traders to stay with a similar buy on decline strategy till the time important supports are held comfortably.

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