Summary:

• The quarterly index was down by -4%, the Monthly basis was up by 0.32% and the weekly basis was up by 2.45%
• Index took support at the 16800 level and breached immediate resistance of the 17200 level which is a positive development
• Index has the next best resistance at the 17500 level followed by the 17700 level
• Support is at 17170 and 17070 levels. The underlying short-term tone has turned out to be positive
• In this week, all sectors ended on a positive note with a strong performance from banking and IT while the least performance was from consumer durable and media stocks
• The FMCG sector gave a breakout on the higher side

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