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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 profit booking at higher levels, with the Nifty ending 0.8 percent higher and the Sensex up by 660 points. Among sectors, the IT index outperformed, gaining 6.4 percent, while the Tourism and Media indices shed over 2 percent. During the week, the market continued its positive momentum but corrected sharply last Friday. Technically, the Nifty and Sensex breached the 24100/79300 support zone  and slipped below the 200-day SMA (Simple Moving Average). Additionally, a reversal formation on daily charts and a shooting star candlestick formation on weekly charts indicate temporary weakness.

We believe that as long as the market is trading below 24100/79300, the correction wave is likely to continue. On the downside, the market could slip to 23800/78500, and further downside may drag the index down to 23700/78200. Conversely, a breach above 24100/79300 could change market sentiment. If the market surpasses this level, it could rally to 24400-24500/80200-80500. For the Bank Nifty, 55000 will be the trend-decider level for short-term traders. Below this level, it could retest the 54000-53700 range. On the flip side, if it moves above 55000, sentiment could improve, increasing the chances of reaching 55800-56000.