Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd
The Indian equity markets had a splendid start to the session, wherein the benchmark index witnessed a continuation of up move post an intraday dip. Nifty eventually ended with gains of 0.56% at 17722.
Yet another session was dominated by the bulls as we saw the market heading northwards right from the word go. From the technical aspect, prices have comfortably closed above the descending trend line resistance on the daily chart; which augurs well for the bulls. Now, the next key level to watch out for would be the March month swing high which is around 17800. In our sense, considering the ongoing momentum, prices are likely to break beyond this hurdle in the next few sessions, which would then open doors for 18000 and plus levels in the near term. However having said that, traders should avoid being complacent and should not rule out the possibility of a breather post the recent steep rally. With the continuous seven days winning streak, the support level continues to shift higher as we now see immediate support around 17600; whereas 200-SMA around 17500 to act as a sacrosanct level.
Sectorally, BFSI stocks have been the charioteer of the recent up-move along with a few other significant contributors like Auto and Metals, which has bolstered the overall sentiments. The market is now finding its mojo back and hence, in such an environment, Midcap counters tend to chip in with their stellar moves. It is advisable to focus on identifying apt themes and potential movers which are likely to provide better trading opportunities.
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