Summary :
Last week, the index saw a decline of 2.5%, breaching the mid-term support level of 19200 which was a negative development. The index followed the negative cue and tested the next best support at 18900, which also coincided with the 200-day long-term moving average. However, the index showed a decent reaction from the support. Due to the oversold zone of the index, a corrective technical bounce cannot be ruled out. While the index can still improve, 19250 to 19330 might pose as stiff resistance for the market. The index can have immediate support in the zone of 18900 to 18800. From a sector perspective, FMCG is doing well, whereas PSUBANKS are showing strength after a short-term weakness. On the other hand, media and metal stocks witnessed selling pressure, but coming week metals can be a contra buy view.
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