IGI Logo

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

In the last week, the benchmark indices witnessed roller coaster activity, the Nifty ends .80  percent lower while the Sensex was down by 240  points. Among Sectors, IT index was the top gainer, rallied over 3.78 percent whereas  Reality indices shed over 4 percent. During the week, after a sharp correction, market took the support near 23850/78250 and bounce back sharply but due to profit, booking at higher levels it corrected sharply. Technically, 24100/79300 and 24000/79000 would act as a key support zones for the traders. If it sustain above the same, then it could retest the level of 24500/80500. Further upside may also continue which could lift the index till 24600/80800. However, below 24000/79000 the sentiment could change. Below the same, traders may prefer to exit from the trading long positions.

For Bank Nifty now, 20 day SMA (Simple Moving Average) or 51500 would be the sacrosanct support zone. Above the same, it could move up till 52500-52800. On the flip side, below 20 day SMA or 51500 uptrend would be vulnerable.

Above views are of the author and not of the website kindly read disclaimer