• On a week on week basis Index closed down by near 0.5%.

• The index has reacted from the 138.2% extension level of previous upside turning points. However, Index has not violated any daily support level.

• The nifty bank has reacted from an upper band of a consolidation phase and is likely to travel towards the lower band.

• It can put some pressure on the broader market. The index has a mild support band at 16300 to 16200 and a key short term support level at 15900 level.

• A fresh upside move can be expected above the 16700 level.

• Above 16700, Index has next resistance at 17000. From a short term view perspective, the Index can extend its corrective move.

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