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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 selling pressure at higher levels. The Nifty ends 1.4 percent lower, while the Sensex was down by 1047 points. Among sectors, the Realty, Tourism, and PSU Bank indices lost the most, with Realty declining 6 , Tourism 4.45 , and PSU Banks correcting 4.22 percent . The Auto Index was the top gainer, rallying 1.7. During the week, the market consistently faced selling pressure at higher levels. Technically, it has formed a long bearish candle on weekly charts and is also trading near the 200-day SMA (Simple Moving Average) support zone.

We believe that as long as the market remains below the 24,150/79900 level, weak sentiment is likely to continue. On the downside, it could retest the 23,800/78800 level. Further downward movement may continue, potentially dragging the market to 23,600/78200. On the flip side, a move above 24,150/79900 could signal a pullback rally. Above this level, the market could bounce back up to 24,350–24,450/80500-80800.

For Bank Nifty, the 20-day SMA or 54,000 will act as a trend decider for short-term traders. Below this level, the index could slip to 53,000–52,650. Conversely, a move above 54,000 could push the index up to 54,800–55,000.The current market texture is uncertain and volatile; hence, levels-based trading would be an ideal strategy for short-term traders.