• In the week gone by, Index was down by 0.59%. Index has reacted from the resistance of 18450 level and found support at the 18050 level.
• Bulls are having a grip on the market above the 18000 level. Moving above 18270 will indicate further strength to the index.
• The index will have the next best resistance at 18450 followed by the 18650 level.
• The positive view will stand to negate below the 18000 level. Below 18000, Index can slide up to 17800 to 17600 level.
• From a strategic index perspective, smallcap and midcaps are strong as compared to large caps. From a sector perspective, IT and financial stocks are doing well whereas pharma, media, and energy stocks are lacking the strength.
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