Summary:

• On a week-on-week basis, Index is up by 1.36%. Over the past 2 weeks, Index has formed an intermediate base.
• It was 18170 this week and 18050 in the previous week.
• The index is trading in a rising channel and taking support at a short-term moving average.
• Auto, private banking and consumer stocks did well whereas selling was observed in metal and PSUBANKS.
• The underlying tone of the market remains positive as far as the index sustains above the 18000 level.
• On the higher side index has resistance at the 18650 level.
• The view is supported by Nifty’s chart structure, bullish momentum in banking stocks, and breakout in leading stocks like Reliance.

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