Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
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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 1.71 percent higher while the Sensex was up by 1653 points. Among Sectors, Reality and Bank Nifty indices outperformed. Reality index was the top gainer, rallied over 5 percent whereas IT and Media indices shed over 2 percent. During the week, market consolidate near 25300/82000 but on last Friday, it successfully cleared the 25500/82700 resistance mark and post breakout positive momentum intensified. Technically, bullish candle on weekly charts and higher bottom formation on daily charts suggesting further upside from the current levels.
We are of the view that, as long as market is trading above 25500/82700 the breakout texture is likely to continue. On the higher side market could move up till 26000-26200/85000-85500. On the other side, below 25500/82700 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions. For Bank Nifty now, the current market texture is bullish but due to temporary overbought conditions, we could see range bound activity in the near future. For traders now, 53400 and 53000 would be the key support zones while 54500-54700 would act as crucial resistance areas for the bulls. However, below 53000 uptrend would be vulnerable.
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