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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 continued positive momentum, the Nifty ends 1.5 percent higher while the Sensex was up by 1030 points. Among Sectors, almost all the major sectoral indices were traded in to the positive territory but Metal and Auto indices outperformed. Metal index rallied 7 percent and Auto index was up by 4.5 percent. During the week, after a positive consolidation market successfully cleared 26000/85000 resistance mark and post breakout positive momentum intensified.

Technically, a bullish candle on weekly charts and uptrend continuation formation on daily and intraday charts indicating further uptrend from the current levels. We are of the view that, the current market texture is bullish but buying on dips and sell on rallies would be the ideal strategy for the short-term traders. For the traders now, 26100/85300 and 26000/85000 would act as a key support zones while 26400-26500/85900-86300 would act as a crucial resistance areas for the bulls. However, below 26000/85000 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions.

For Bank Nifty the medium term texture is bullish but due to temporary overbought conditions, we could see range bound activity in the near future. For traders now, 53500 and 53100 would be the key support zones while 54500-54800 could be the profit booking areas for the bulls. However, below 53100 uptrend would be vulnerable.