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Nifty

* The index started the week on a marginal positive note, but due to consistent selling, the index has lost momentum and ended the week on a negative note at 17624.

* Technically, the index on a daily scale has retested the trend line breakout as well as 200-DSMA support. On a weekly scale, the index has formed a bearish engulfing candlestick pattern, which is cause of concern. The 200- Day simple moving average is placed near 17580 and recent low is placed close to 17550. Thus, 17550 will act as a short term support for the index.

* On the downside, the index has formed the a bullish gap in the range of 17126-17205. Thus, this gap will act as strong support in the short term.

* On the upside, the recent high of 17863 will act as short term hurdle for the index followed by 18100.

* The momentum indicator RSI on the daily scale has retested the breakout point and placed above the centre point, indicating strength.

* For the short term, 17550 and 17200 will act as support points, whereas 17863 and 18100 will act as resistance points.

Bank Nifty

* The index began the week on a positive note and registered a high of 42603. Thereafter, the index has witnessed consolidation in narrow band throughout the week. Finally, the index has settled the week on a marginal negative note at 42118.

* Technically, the index on a daily scale has retested the short term consolidation breakout, as highlighted in the above chart. Moreover, the index has defended the support of 100-DSMA, which is placed close to 41687. Thus, 41600-41700 will act as short term support for the index. The trendline support is currently placed close to 41000, which will act as strong support in medium term.

* On the upside, the index will find first resistance around 43000 level, followed by 43500.

* The momentum indicator RSI on the daily scale is placed above centre point and holding above breakout, indicating strength.

* For the short term, 41600 and 41000 will act as support points, whereas 43000 and 43500 will act as resistance points

Weekly Recommendation

TRENT (1385.60) - The stock has seen open interest addition of 7.63% along with positive price action indicating long buildup. The stock can be bought in the range of 1380-1390 with a stop loss of 1359 on closing basis for a target of 1425-1445.

Target: 1445 Stop Loss: 1359

EXIDEIND (188.30) -The stock has seen open interest addition of 12.08% along with positive price action indicating long build-up. The stock can be bought in the range of 185-186 with a stop loss of 183 on closing basis for a target of 190-192.

Target: 192 Stop Loss: 183

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