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

After couple of weeks of dramatic moves with respect to ADANI saga, things seemed to have come to an equilibrium towards the fag end of previous week. We started the proceedings on Monday on a soft note and remained sluggish for the first couple of sessions. This was followed by some promising action on the subsequent sessions. The Nifty approached the higher end of the recent trading range; but once again with lack of conviction, our markets looked a bit tentative on Friday to conclude the session almost at previous week’s close.

We have certainly weathered the storm and the market has digested most of the pain from the recent fiasco. Now since we are trading around the crucial juncture, the market is awaiting some solid trigger to come off the recent slumber phase. The breakout could happen either side but if we have to predict one, we would certainly like to stay positive. Hopefully, the contraction of range breaks out higher and the trend deciding level to watch out for would be 18000. This will confirm the completion of the long corrective phase. We can then see some exuberant moves in the market as the sentiments are likely to improve drastically post the breakout. On the flipside, the support range is visible around 17800 - 17700.

We reiterate that if benchmark has to surpass the 18000 mark, the heavyweight banking space needs to participate heavily. This week, banking stocks kept on sulking and hence, we failed to make a move beyond these hurdles. Hopefully it finds its mojo soon and propels the market higher. Apart from this, the broader market did well towards the latter half of the week. The way NIFTY MIDCAP50 index is shaped up, we remain hopeful to see some encouraging moves in the coming week.

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