SUmmary :

Last week, the stock market experienced a significant decline of almost -2.5%, marking the highest weekly fall in the past seven months. The index has given up more than 50% of the previous rally, rising from 19200 to 20200. Presently, the index has an immediate support level in the range of 19650 to 19600, based on a horizontal support line and the 61.8% retracement level. If the index falls below 19600, it could lead to further pain, potentially dropping to 19300 to 19200 level. On the other hand, a bullish reversal could be expected if the price moves above the previous day’s high. Although banking stocks have witnessed strong selling pressure, stocks like HDFCBANK, ICICIBANK, and Axis Bank are currently at support levels. However, the presence of a buyer has not yet been observed. In conclusion, the short-term view of the market appears to be bearish, but we need to keep an eye on further developments in the support zone of 19600 to 19650.

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