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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 range-bound activity, with the Nifty ends 0.72 percent lower while the Sensex was down by 630 points. Among sectors, the Capital Market and Metal indices outperformed, both rallying nearly 5 percent, whereas the Pharma, FMCG and Auto indices shed over 2 percent. Technically, on both daily and weekly charts, the market is still holding a lower top formation and is trading below the 20-day SMA (Simple Moving Average), which is largely negative.

We believe that the larger market texture remains on the weak side; however, we could expect a quick technical pullback rally if it succeeds in holding above 22950/76000. If it does, it could bounce back to 23100-23200/76500-76800. On the other hand, if it falls below 22720/75100, the correction wave is likely to continue. Below that level, it could slip to 22500-22400/74400-74100. Near 22400/74100, contrarian traders may prefer to take a long bet with a strict stop loss of 22320/73800.

For Bank Nifty, as long as it trades below the 20-day SMA, weak sentiment is likely to persist. Falling below this level could lead to a retest of 48500. Further downside may continue, potentially dragging the index down to 48000. However, if it rises above the 20-day SMA or reaches 49500, it could rally to the 50-day SMA, reaching levels of 50000 and 50250.

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