Quote on Weekly Market Wrap 16th Jan 2026 by Amol Athawale, VP Technical Research, Kotak Securities
Below the Quote on Weekly Market Wrap 16th Jan 2026 by Amol Athawale, VP Technical Research, Kotak Securities
In the last week, the benchmark indices experienced a volatile trading session. The Nifty and Sensex closed the week largely unchanged. Among sectors, the Capital Market and PSU bank indices outperformed, with the Capital Market gaining 4.85 percent and the PSU bank index rallying 4.7 percent, whereas the Nifty Consumer index shed over 2.9 percent. During the week, the market slipped below 25,500/83000 but bounced back sharply due to oversold conditions.
We are of the view that the current market formation is volatile and non-directional, and the short-term activity indicating a non-directional trend is likely to continue in the near future. On the downside, 25,500/83000 and 25,400/82700 would act as key support zones, while the daily SMA (Simple Moving Average) at 25,950/84600 and the 20-day SMA at 26,000/84800 would be crucial resistance levels for the bulls.
For Bank Nifty, as long as it is trading above the 20-day SMA at 59,500, the uptrend is likely to continue. On the higher side, it could move up to 60,500. Further upside potential may lift the index up to 60,800. Conversely, if it falls below the 20-day SMA at 59,500, the uptrend would become vulnerable
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