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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Throughout the past week, the high beta index experienced consolidation, with prices staying within a specific range. On the expiry day, taking cues from positive global bourses, the index attempted for a new high but failed to capitalize and eventually slipped to intra week’s low. This downward trend continued on Friday, leading Bank Nifty to close the week with a loss of 1.32%, just below 45500.

The Bulls might be disappointed by their inability to maintain the strong closing seen in the previous week. Currently, it appears that prices have entered a consolidation phase following a recent rally and are now positioned near the pivot support of 20SMA (45300) on the daily chart. Historically, this crucial average has acted as strong support, making it vital to observe how prices react in the upcoming sessions. Any breakdown below the same could further weaken the trend, possibly slipping below the 45000 mark. On the flip side, successfully defending these levels may trigger a rebound towards 46000 - 46300. This week, we have observed a strong wall formation around the 46300 zone, and only a sustained breakout beyond this point would regain momentum in this high beta index. With pending results from significant players in this sector, traders may look for opportunities to gauge momentum.

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