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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 a stellar rally, the Nifty ends 2.15 percent higher while the Sensex was up over 2470 points. Among Sectors, Energy, Oil and Gas, indices rallied over 3 percent whereas despite strong momentum Reality and Media indices traded in to the negative territory. Reality down 2.60, Media index down by 2.10 percent. During the week, the market successfully cleared the short-term resistance of 23700/78000 and post breakout the bullish momentum intensified but on last Friday, it witnessed some profit booking at higher levels. Technically, a long bullish candle on weekly charts and breakout continuation formation on daily charts indicating further uptrend from the current levels. We are of the view that, the short-term market texture is bullish but due to temporary overbought conditions, we could see some profit booking on higher levels. For the trend, following traders now, 24000/79000 and 23900/78700 would act as a key support zones. Above the same, the bullish sentiment is likely to continue. On the higher side the market could rally up to 24175-24300/79500-79800. On the flip side, below 23900/78700 the sentiment could change. Below the same, we could expect one technical correction till 23775-23650/78400-78000. For Bank Nifty, the short term set up is still in to the positive side. For positional traders now, 52000 and 51800 or 10 day SMA (Simple Moving Average) would be the important support zones while 53000-53300 could act as crucial resistance areas for the short-term traders. However, below 51800 uptrend would be vulnerable.

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