Summary:

• Index has given a breakout on the higher side after the 18 trading session consolidations. Close above the 18450 level on a weekly closing basis is a bullish development for the market
• In the short term, Index will remain positive above the 18270 level on a closing basis and the next best support level is at the 18000 level
• On the higher side, Index has resistance at 18650 followed by 18880. The underlying tone of the market remains positive
• From a sector perspective, IT stocks, pharma, and FMCG are in strong movement whereas Media stocks lack strength
• Stock specific, HUL, Reliance, Pidilite, and axis bank looking good whereas Bharatforge has a bearish setup but needs valid confirmation

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