21-06-2024 05:22 PM | Source: Kotak Securities Ltd
Quote on Weekly Market Wrap up by Amol Athawale, VP-Technical Research, Kotak Securities

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Below the Quote on Weekly Market Wrap up by Amol Athawale, VP-Technical Research, Kotak Securities


In the last week, the benchmark indices witnessed some selling pressure at higher levels, the Nifty ends at 23455 while the Sensex was closed at 77210. Among Sectors, Banking and Financial indices outperformed. Bank Nifty index rallied over 3 percent whereas Auto and FMCG indices shed over 2 percent. Technically, during the week the benchmark indices registered a fresh all time high of 23667.1/77851.63 but witnessed some profit booking at higher levels. Small bearish candle on weekly charts and double top formation on intraday charts indicting further weakness from the current levels. However, the medium term texture of the market is still in to the positive side.

We are of the view that, as long as the market is trading below 23650/77500 the weak sentiment is likely to continue on the lower side market could retest the level of 23300/76700. Further down side may also continue which could drag the market till 23175/76100. On the other side, 23650/77500 would be the immediate breakout level for the bulls. Post breakout market could move up till 23800-24000/78000-78500. For Bank Nifty now, 51000 would be the sacrosanct support zone for the trend following traders. Above the same,  it could rally till 52700-53000. On the flip side, below 51000 traders may prefer to exit out from the trading long positions.


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