Quote on Weekly Market Wrap up by Amol Athawale, VP-Technical Research, Kotak Securities
Below the Quote on Weekly Market Wrap up by Amol Athawale, VP-Technical Research, Kotak Securities
In the last week, the benchmark indices witnessed a volatile activity, after a roller coaster momentum the Nifty ends 0.67 percent lower while the Sensex was down by 609 points. Among Sectors, Reality and Defense indices outperformed. Reality gained 2.5, Defense 1.6 percent whereas Auto and Tourism indices shed over 1.5 percent. During the week, market corrected sharply but after a long correction on last Friday it bounce back sharply. Technically, on daily charts market has formed promising reversal formation and currently it is comfortably trading above 20 day SMA (Short Term Moving Average) which is largely positive.
We are of the view that, 24600/80900 and 24450/80500 would be the key support zones for the short term traders while 25000/82300 would be the immediate resistance zone for the bulls. A successful breakout above 25000/82300 could push market up to 25150-25500/82700-83600. On the other side, below 24450/80500 the sentiment could change. Below the same, market could slip till 24380/80300. Further down side may also continue which could drag the index up to 24165/79700. For bank Nifty, Higher bottom support placed at 54575 as long as it is trading above the same, the bullish momentum is likely to continue. On the higher side, 55700- 56100-56500 would act as a key resistance zones for the bulls. However, below 54575 uptrend would become vulnerable.
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