July 13, 2025
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Weekly market wrap by Amol Athawale, VP-Technical Research, Kotak Securities:
For the week commencing on 14th July 2025
In the last week, the benchmark indices witnessed profit booking at higher levels. The Nifty ended 1.22 percent lower, while the Sensex was down by 925 points. Among sectors, despite weak market sentiment, the FMCG index outperformed, rallying 2.20 percent, whereas the Defence and IT indices corrected sharply, Defence down 4.50 percent and IT corrected by 3.90 percent. During the week, the market witnessed range-bound activity, but on last Friday, it breached the important support level of 25,300/83000, and post-breakdown, selling pressure intensified.
Technically, on weekly charts, it has formed a bearish candle, and on daily charts, it has formed a lower top formation. Additionally, after a long time, Nifty slipped below the 20-day SMA (Simple Moving Average) zone, which supports further weakness from the current levels. We believe that as long as the market remains below 25,300/83000, the weak sentiment is likely to continue. Below this level, the market could slip to the 50-day SMA or around 25,000/82100. Further downside may also continue, potentially dragging the market down to 24,800-24650/81500-81100.
On the other hand, if the market trades above 25,300/83000, sentiment could improve. If the market manages to stay above this level, it could move up to 25,550–25,650/83700-84000. For Bank Nifty, the 20-day SMA and the 56,500 level will act as key support zones. Below these levels, it could retest the 56,000–55,800 range. On the upside, a fresh uptrend rally is possible only after breaching 57,100. If the market surpasses this level, it could continue its positive momentum up to 57,500–57,700–58,000.
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