• On a week on week basis index has improved by 1.72%. It has given breakout from a tiny consolidation patch of 16200 to 16350.
• IT and banking stocks played a major role in outperformance.
• However, the midcap and small cap ended in deep red. The index will remain in a positive zone as far as the index sustains above 16200 level as it is immediate base.
• On the higher side, based on the Fibonacci extension, the Index has resistance at 16670 level. IT and baking stocks are likely to do well.
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