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

In this truncated week, the benchmark indices witnessed positive momentum, the Nifty ends 0.71 percent higher while the Sensex was up by 730 points. Among Sectors, IT index outperformed rallied 4.60 percent whereas PSU Banks and Media indices shed over 2 percent. Technically, post short term correction the market took the support near 50 day SMA ( Simple Moving Average ) or 24100/79000 and bounce back sharply. A promising reversal formation on daily and weekly charts and long bullish candle on daily charts indicating further uptrend from the current levels. For the trend following traders 24400/79900 and 24300/79700 would act as a key supports zones. Above the same, the bullish formation is likely to continue. On the higher side 24650/80600 and 24750/81000 would be the key resistance areas for the bulls. However, below 24300/79700 uptrend would be vulnerable. For Bank Nifty it has formed double bottom reversal formation on daily charts, which is largely positive. 50000 would be the sacrosanct support levels for the short term traders. on the higher side 20 day SMA or 50900 and 51200 would act as a crucial resistance areas for the trend following traders.

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