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Below The Quote on "Bank Nifty Write Up" by Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd

                                    Key heavyweights helps Nifty rebound from sacrosanct support zone

During the morning session, Asian markets were slightly under pressure, which influenced our markets to open the week on a sluggish note. In the initial hour, this weakness persisted, leading to a test of levels around 19250. Fortunately, the downward movement ceased, and a recovery ensued from crucial supports. In the latter part of the day, there was robust buying activity in significant heavyweight stocks, aiding the Nifty index in regaining its earlier losses from the morning and ultimately concluding just below 19450 without any significant change from Friday's closing prices.

Despite the lack of substantial price alteration from the Friday's close, there were noteworthy fluctuations observed on both sides of the market trend. In the morning, prices fell below recent low points, but the key 50 EMA acted as a strong fortress for the bulls, leading to a rebound and forming a pattern that favours the bulls. The broader outlook remains sideways, and with prices bouncing back from the lower range, there's a strong likelihood of prices attempting to reach the upper boundaries of 19530 and subsequently the 19650 levels in the coming sessions. However, for this it requires continued support from key heavyweight stocks and global market cues. It's worth noting that a resumption of a broader uptrend will only occur if prices can sustain convincingly above the recent higher range around the 19650 mark. On the contrary, the range of 19300 to 19250 is likely to continue as a favorable buying zone, given the positive divergence visible on the hourly charts. Traders should keep a tab on the above levels and ideally in such a sideways market should avoid being complacent and opt to buy on dips.

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