Summary:
• In the week gone by Index was down by -0.74%. From the past 3 weeks, the Index is in the range of 16800 to 17400
• Overall Nifty structure is weak as the Index is in a lower high and lower low sequence, reacted from an important resistance level, formed an M shape pattern, and breached the lower band of consolidation
• Bears will have the upper hand as far as the Index sustains below the 17500 level. Short to long-term moving average is flat on the daily chart indicating sideways movement
• Inferring from multiple technical tools, the Index seems to be in a state of sideways to negative bias
• IT, pharma, and Health services stocks doing well. The stock of the week is Sun pharma
Resistance: 17470/17770
Support: 16950/16770
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