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

The Indian equity markets had a timid start to the week, taking cues from the bleak Asian bourses. The benchmark index Nifty50 slipped into the bullish gap at the very beginning of the opening bell and stayed in a slender range at the lower zone throughout. The bulls hesitated to capitalize on the dip, and Nifty concluded the day with a cut of 0.81 percent, a tad above the 18150 level.

Technically speaking, the current placement of the index is at a crucial level now, which is also highly anticipated to be a strong demand zone. The market sentiments are still upbeat, and till the index manages to sustain above the 18100-18000 zone, dips could be seen as a buying opportunity for the participants. As far as levels are concerned, the psychological mark of 18000 is likely to act as the sheet anchors’ role, before which 18100 could provide a pitstop to the cool-off in the index. On the higher end, 18250-18300 is the intermediate resistance, followed by the sturdy hurdle of 18450-18500.

Going forward, the index is likely to trade within the mentioned range in the comparable period, and any decisive breach on either side could only dictate the near-term trend. From here on, selective stocks could outperform the market; hence, we advocate the participants to be strictly selective and grasp the stock-specific approach for better trading opportunities.

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