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

In the last week, the benchmark indices witnessed lacklustre activity, with the Nifty ends 1 percent higher while the Sensex gained 650 points. Among sectors, the Nifty India Tourism, Pharma, and Auto indices rose over 2 percent, whereas the Media index lost the most, shed nearly 2 percent. During the week, the market experienced non-directional activity. On the downside, it found support near 23650/78100, while profit booking occurred near the 200-day Simple Moving Average (SMA) or 23860/78800.

Technically, a small inside body candle appeared on the weekly charts, and the non-directional activity on the daily and intraday charts indicates indecisiveness between the bulls and the bears. For positional traders, the 200-day SMA or 23860/78800 will be a key breakout level. If the market moves above this level, it could bounce back to 24000/79500. Further upside may also continue, potentially lifting the index to 24240/80200. Conversely, if it falls below 23650/78100, the sentiment could change, and the market might slip to 23500-23450/77700-77500.

For the Bank Nifty, 51000 will act as a crucial support zone for traders, while the 50-day SMA or 51600 and 52000 will serve as important resistance zones.

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