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Below is Quote on Market Wrap Up 14 July 2023 By Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd

The high beta index took a back seat during the week, while other heavyweight sectors performed well. Initially, prices experienced a gradual decline during the week, but a strong support level formed around 44500, limiting profit booking. Despite lingering near the lower end on Friday, late buying activity helped the banking sector finish the week with a modest loss of 0.24%, slightly above 44800.

The banking space had a lacklustre week with limited momentum, as prices remained range-bound. The noteworthy aspect, however, is the formation of a solid support base around the crucial levels of 44500-44300. As long as this support holds, there is a high likelihood of an uptrend resumption in the upcoming week. This support level coincides with previous breakout levels, the 20-day simple moving average (SMA), and a key retracement level, making any dips towards it a potential buying opportunity. On the flip side, there is a cluster of resistance around 45200 that the bulls need to surpass consistently in order to regain momentum. A sustained breakthrough could potentially drive prices towards all-time high levels of 45655 and beyond. With the onset of the result season, individual stocks may exhibit trending moves based on earnings expectations. Traders should focus on such stocks that have the potential to outperform.

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