Summary

• In the Week gone by, the Index is up by little more than 1%. In the Truncated week, the Index oscillated in the range of 17600 to 17800
• The index took support at the 16800 level followed by breaches of intermediate resistance and higher high & higher low sequence
• The index is at the weekly resistance level but no sign of weakness yet. This combination forms a positive view of the Index
• Moving above the 17800 level will confirm further upside movement up to the 18100 level.
• The index will remain in the bullish zone in short term as far as sustaining above the 17600 level and 17370 in the mid-term
• From a Sector perspective banks, auto, CPSE and energy stocks are in movement while mild weakness in FMCG, media and pharma is observed
• Large-cap stocks are in a better position than mid-cap and small-cap

Resistance: 17800/18100

Support: 17600/17370

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