Summary:

• In the week gone by Index was down by near to 1%. From the past 8 trading sessions, Index is trading in the range of 18880 to 18660
• It is an immediate consolidation patch. Breach of the lower band of consolidation can bring further pain up to 18550 followed by 18450
• A level of 18450 is an important base for bulls to hold their fort in the short term
• Moving below 18450 can lead the index towards 18100 which is an important base, it coincides with a 38.2% retracement of immediate rise
• On the higher side, Index has resistance at 18770 and 18870
• From a sector perspective, the Metal and Oil & Gas sector continued to decline whereas mild positive traction was observed in pharma stocks
• In the coming time, pharma stocks can be accumulated from a positional perspective

Resistance: 18770/18870

Support: 18550/18450

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