Quote on Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
Below the Quote on Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
In the last week, the benchmark indices witnessed a sharp sell off the Nifty ends 2.68 percent lower while the Sensex was down by 1900 points. Among Sectors, all the major sectoral indices were traded in to the negative territory but Reality index lost the most shed nearly 10 percent. During the week, market slipped below 20 day SMA (Simple Moving Average) and post breakdown the selling pressure intensified.
Technically, on weekly charts it has formed long bearish candle and also holding lower top formation which supports further weakness from the current levels.
We are of the view that, the current market texture is weak and if it break the 22800/75200 support zone then it could slip till 22600-22500/74600-74300. On the other side, 23000/76500 important level to watch out. Above 23000/76500 we could see an extension of technical bounce back till 23200 -23300/77100-77500. For Bank Nifty now, 20 day SMA or 49300 would be the trend decider level. Below the same, it could retrace tll 48000-47750. However, above 20 day SMA or 49300 it cold retest the level of 49800-50000.
Above views are of the author and not of the website kindly read disclaimer
More News
Morning Nifty and Derivative Comments 04 February 2025 By Anand James, Geojit Financial Serv...
