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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 continued profit booking at higher levels, the Nifty ends 2.70 percent while the Sensex was down by 1870 points. Among Sectors, all the major sectoral indices were traded in to the red but Media and Metal indices corrected sharply shed over 7 percent. During the week, market consistently faced selling pressure at higher levels and after a long time it slipped below 100 day SMA ( Simple Moving Average) which is largely negative. In addition, it also formed long bearish candle on weekly charts, which supports further weakness from the current levels. We are of the view that, the current market texture is weak but oversold hence strong possibility of pullback rally from the current levels is not ruled out. For the traders now, 24100/79000 would act as a key support zone. Above the same, we could expect one technical bounce back till 24500/80300 and 100 day SMA or 24600/80600. On the flip side, fresh selloff possible only after dismissal of 24100/79000. Below the same, market could slip till 24000-23800/78700-78300. For Bank Nifty the 50500 would act as a key support zone. Above which, the pullback formation is likely to continue till 51200-51500. On the flip side, below 50500 it could correct till 50250-50000.

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