Summary:

• In the week gone by Index was down by near to 1%. It has a respected resistance band of 16200 to 16300 level and a support band of 15900 to 15800
• On a weekly chart, the Index has formed a bearish harami pattern. It is in line with previous instances of decline move. Moving below the 15800 level will be considered a negative development
• The index has shown mild buying in the immediate support band. Moving above 16150 will be a positive sign which may limit up to 16300 to 16400 level
• The broader underlying tone remains negative. From a sector perspective, PSUBANKS bank is expected to have a southward journey

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