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Below the Quote on Weekly Market Wrap 18 July 2025 by Amol Athawale, VP-Technical Research, Kotak Securities

In the last week, the benchmark indices witnessed profit booking at higher levels. The Nifty ended 0.72 percent lower, while the Sensex was down by 742 points. Among sectors, Media and Reality indices outperformed which gained 3.77 and 3.68 percent, whereas profit booking was seen in Defence and Private Bank indices. The Defence index was down 4 percent, and the Private Bank index corrected over 2 percent. Technically, on daily and intraday charts, the market is holding  lower top patterns, and on weekly charts, it has formed a bearish candle, which is largely negative. We believe that the short-term market texture is weak, but a fresh sell-off is possible only after the dismissal of 24,900/81600. Below this level, the market is likely to retest the levels of 24,600–24,500/80700-80400.

On the flip side, the 50-day SMA (Simple Moving Average) or 25,050/82100 and 25,100/82300 would act as crucial resistance zones for short-term traders. If the market manages to trade above 25,100/82300, it could bounce back to the 20-day SMA  or 25,320/83000. Further upside potential could lift the index up to 25,450–25,500/83400-83600.

For Bank Nifty, the 50-day SMA or 56,000 would act as a key support zone, while the 20-day SMA or 56,900 could serve as a crucial resistance area for the bulls. Below 56,900, it could slip to 56,500–56,150, while above 56,900, it could move up to 57,365–57,600.