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Below the Quote on Market Weekly Wrap by Amol Athawale, VP-Technical Research, Kotak securities

Today, our markets followed the trend of world equity markets, which closed with a massive drop in the last few days. They were down due to weak economy-related data as well as disappointing quarterly numbers. However, our markets held up relatively better than world markets, which fell by over 1.50%. Weekly, Nifty fell by 0.40%, while Sensex was down by 300 points. Realty, Auto, and IT fell by over 2% weekly, while the Nifty Pharma index was up nominally. We saw particular buying interest in new-age companies after Zomato's Q1 numbers. Technically, the market managed to climb to new highs during the week. Nifty and Sensex achieved major milestones by crossing 25000 on the Nifty and 82000 on the Sensex. However, currently, most stocks and indices are close to important resistance levels, and we may see consolidation for a few days or weeks. This happens whenever the indices move too far away from the short-term averages.

On an immediate basis, the market is finding support between 24600/80900 and 24500/80600 levels. On the other hand, until the market crosses 25100/82200, we may see a range-bound movement in the market. The strategy should be to buy selective stocks between 24600 and 24500/80900 and 80600 levels. A close below 24500/80600 may take the market towards 24250/79900 or 24100/79500 levels. Any bounce towards 24,900-25000/81,700-82000 levels will be an opportunity to reduce long positions.