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

US markets had a rough session last night which resulted in a nervous start for most of the Asian bourses early in the morning. We too had a sluggish start but certainly not to the tune of what SGX was indicating. In the initial hour, the benchmark corrected slightly to test the 18050 mark; but a consolidation thereafter with a hint of modest recovery towards the end, led Nifty to close with nominal losses.

We had clearly stated how it would be a challenging task for the Nifty to surpass the sturdy wall of 18200 - 18260 in the ongoing run. Today’s sluggishness is clearly a glimpse of it and now all eyes would be on the FED chairman. Any unfavourable outcome from this event would certainly lead to some extended profit booking to test 18000 - 17950 levels. On the flipside, 18150 - 18200 - 18260 are the immediate levels to watch out for. The overall trend remains strongly bullish and hence, we would continue with our buy on declines strategy in the near term. Meanwhile, traders can continue focusing on a stock centric approach.

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