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Below the Quote on Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities

In the past week, the benchmark indices displayed lackluster activity. The Nifty closed down 0.41 percent, while the Sensex fell by 270 points. Among various sectors, the PSU Bank index performed the best, gaining over 4 percent, while the FMCG index suffered the largest loss, dropping 2.29 percent. The week began on a positive note, but as the market progressed, profit booking at higher levels emerged. On the weekly charts, a small bearish candle has formed, and the intraday charts show a weak formation, which is negative.

 We believe that the 20-day Simple Moving Average (SMA) and the level of 24,650 would serve as key support zones for short-term traders, while the 25,150 level could act as a significant resistance area for the bulls.

As long as the market remains within the range of 24,650 and 24900, a sideways, range-bound trend is expected to persist. If there is a successful breakout above 24900, it could push the market towards 25,150. Conversely, if the market breaches the 24,650 level, it could shift sentiment, leading to a retest of levels around 24,450. However, a crossing 25150 or a break of 24450 we can see the market entering trending mode and in that case it may jump to 25650 or may fall to 23900. The strategy should be to design trading strategy accordingly with minimal stop losses. 

 For the Bank Nifty, higher bottom support is established at 55,000. If it holds above this level, the uptrend is likely to continue towards 56,100 to 56,500. However, should it fall below 55,000, the uptrend may become vulnerable, potentially leading to a correction down to the range of 54,700 to 54,300.

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