Summary :
Last week, the market index went up by almost 1%. However, it has retraced to the midpoint of the previous bear candle since then. The rise was largely due to short covering as there was a lack of leadership from heavy-weight sectors or stocks. Currently, the index is hovering around the resistance of 19250 to 19330. If it moves above 19330, we can expect further improvement in the range of 19450 to 19500. Conversely, if it moves below 19150, it could indicate the end of the corrective upside move and a resumption of the decline move, which may lead to further pain up to 19000 to 18800 level. Looking at the sectoral indices, the Smallcap 50 index has a strong relative strength. However, the financial services, pharma, and metal stocks have a weak relative strength. On the other hand, infra, realty, and PSE stocks have shown strong strength.
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