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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. After a roller-coaster week, the Nifty ended 0.69 percent lower, while the Sensex was down by 500 points. Among sectors, IT and Capital Market indices lost the most, shedding over 4 percent, while some buying was seen in selective Financial and Pharma stocks.
Technically, the market is exhibiting non-directional activity; on the lower side, it is consistently finding support near 22300/73300, while profit booking has been witnessed between 22600/74700 and 22650/74900. We believe that the current
 market texture is non-directional, and traders may be awaiting a breakout in either direction. For the bulls, the key breakout zone is at 22650/74900. A dismissal of the 22650/74900 breakout could push the market towards 22800-22900/75500-75800. Conversely,
 if the market falls below 22300/73300, selling pressure is likely to accelerate. Below this level, the market could retest levels of 22100-22000/72700-72400.
For the Bank Nifty, a double bottom support is placed at 47700. As long as it is trading above this level, a pullback formation is likely to continue. On the higher side, it could move up to the 20-day Simple Moving Average (SMA), or  48600
 and 48800. However, if it falls below 47700, the sentiment could change, increasing the likelihood of hitting 47300-47000

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