Summary :
In the week gone by Index was down by 0.5%. On a daily chart, Index has formed a lower high and lower low sequence but sailing above 20 EMA which has acted as support for market in earlier episodes. For the coming week, Index has a strong support band in the range of 19500 to 19350 zone whereas it has stiff resistance above 19800 to 19850. Fresh upside movement can be expected above the 19850 level. Banknifty has also moved below the previous 6 days’ range. Banknifty is very close to support of 45300 level. But moving below the 45300 level can lead to further pain up to the 44600 level. Index has a stiff resistance at the 45800 level followed by the 46300 level. A broader view for the market is a bit indecisive as a mild reversal has been observed but has not been confirmed yet. Traders need to be cautious with levels mentioned above. However, good movement has been observed in some specific sectors and stocks.

In the previous week Pharma, realty and CPSE, metal, and media sector have shown good performance whereas selling pressure was observed in heavyweight sectors like IT, Private bank,s and FMCG space.

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