Banknifty opened with an upside gap above 100 EMA, and follow-on was witnessed - Religare Broking Ltd
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NIFTY
* NIFTY bounced back from oversold zones after firm recovery closed with gains of more than half a percent.
* Inside bar is formed, keeping a pause in selling pressure and immediate resistance at 21500 (100EMA).
* Almost all major sectors contributed to recovery; metals, realty, and pharma were among the most gainers.
* Traders stay cautious and maintain positions on both sides, whereas fresh buying can only trigger above 21500 levels.
BANKNIFTY
* Banknifty opened with an upside gap above 100 EMA, and follow-on was witnessed.
* Index faced resistance at rising wedge pattern channel, and mild profit taking was seen from the same.
* Even though index failed to regain its channel but managed to close above 100EMA. Which is a positive sign.
* Only above 52000 might see a positive follow-on, and 51000 will serve as significant support in the interim.
* Traders remain cautious and "wait and watch" for the trend to establish before making a firm decision on either side.
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Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
