Summary :
Index has formed a powerful bull candle with a gain near 3%. It was the 15th consecutive week wherein it formed a higher high and higher low. This week, on the daily chart Index had run away gaps which shows a bullish continuation sign. Based on role reversal theory, earlier resistance becomes support. In the case of Nifty, it has support at 18870 followed by 18650 level. Based on Option data, Index has opposition in the band of 19400 to 19500 level. From a Sector perspective Nifty Pharma, Auto, and IT did well whereas underperformance continued in Media and Energy stocks.
Resistance: 19200/19400
Support: 18870/18650
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