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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 bounce back sharply, the Nifty ends 1.45 percent higher while the Sensex was up by 1535 points. Among Sectors, Reality index outperformed rallied over 6 percent whereas Oil Gas, Energy and Media indices shed over 1 percent. Technically, after a long correction the market took the support near 23265/76800 and reversed. Post reversal it not only cleared 200 day SMA (Simple Moving Average) but also succeeds to close above the same which is largely positive. 

We are of the view that, as long as the market is trading above 200 day SMA or 23600/77500 the pullback formation is likely to continue. On the higher side, it could  move up to 24000-24200/79400-79900 On the flip side, below 23600/77500 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions. For the Bank Nifty now, 50500 and 50300 would be key support zones while 20 day SMA or 51250 and 50 day SMA or 51850 could be the crucial resistance areas for the short-term traders.

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