Summary:

• The index was up by 2.6% week on week basis and 9% month on month basis. It was one of the strongest months in recent history.
• The index has entered in resistance band of 17200 to 17400 and the RSI reading is in the overbought zone but the underlying tone remains strong.
• The index will remain in the positive zone as far as the index sustains above the 16700 level. On the higher side, the Index may have potential resistance at the slope of the downward falling trendline.
• From a sector perspective, Banking stocks and CPSE stocks are in positive movement. IT stocks can have range-bound moves.

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