Summary :

In the past week, the stock market index went up by close to 1%. Since the recent bottom, the index has recovered almost 5%. However, the index faced some selling pressure at one of the resistance levels, specifically at 19870. In the short term, the index will be considered in a bullish zone if it stays above 19500. Fresh momentum can be expected above 19870. The broader view for the market is that it seems to be range-bound between 19500 to 19900 levels. On the other hand, Banknifty was down by 1% resulting in 2% underperformance in the past week. Banknifty faced resistance at 44500 level but has support at 43400 level. Moving below 43400 can lead to further pain up to 42500 level. The view for Banknify is sideways to negative. From a strategic index perspective, Nifty smallcap, Nifty alpha 50, and microcaps are in strong movement. Nifty pharma has hit an all-time high level after 70 days of consolidation, indicating a bullish continuation sign. Nifty IT is the top gainer of this week, forming a strong bullish reversal pattern. The mentioned two sectors seem to be the flavour of the market. Moreover, the leading cement stock has displayed a bullish continuation sign. Some of the potential stocks with a bullish structure are JSL, Auropharma, DrReddy, and GMRINFRA. However, a bearish setup has been observed in Bandhan bank.

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