In the week gone by Index has closed on a mild positive note with a gain of 0.16%. From the past 9 trading sessions, Index has been trading in the range of 18470 to 18770. On weekly chart, Index has formed wick at resistance indicating supply pressure at the 18770 level. But bulls will defend themselves above the 18470 level. Moving below 18470 will be a sign of further negative, in that case, Index can decline to around 18000 level. New upside movement can be seen above the 18770 level. From a sector perspective, Industrial manufacturing and construction are in strong upside movement. Recently positive traction was observed in power and telecom stocks. Oil & gas, Media, metal, and fertilizers continued to observe selling pressure.
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