Amol Athawale is VP-Technical Research, Kotak Securities
Last Update: 9 August 2026, 7.00 AM
In the last week, the benchmark indices witnessed range-bound activity. After a roller-coaster activity , the Nifty ended 0.77 percent higher, while the Sensex was up by 400 points. Among sectors, PSU Banks and Defense indices outperformed; PSU Banks gained 5 percent, and Defense rallied 4 percent. Conversely, the Media index was the top loser, shedding 4 percent. During the week, the market opened with a gap up, but after a strong start, it registered some profit booking at higher levels.
Technically, on weekly charts, it has formed a Doji candlestick pattern, and on intraday charts, it is witnessing a range-bound formation, indicating indecisiveness between the bulls and bears. We believe that the short-term market outlook remains positive, but a fresh uptrend rally is possible only after the dismissal of 24,700/79100.
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Above this level, the market could move up to the 200-day SMA (Simple Moving Average) or 24,800-24,850/80000-80200. Further upside could continue, lifting the market to 25,000-25,100/80600-80900.
On the downside, below 24,600-78400, the market could retest levels of 24,500-24,450/78100-77900. A breakdown of 24,450/77900 could accelerate selling pressure, and the index could slip further to 24,200/77200.
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Amol Athawale is the Vice President – Technical Research at Kotak Securities Ltd., known for his deep expertise in technical chart analysis and derivatives strategy.
He has over 18 years of experience in equity markets, specializing in identifying short-term trading opportunities using trend and momentum indicators.
His market commentaries and trading insights are widely followed by investors and media houses for their accuracy and clarity.
Amol is a regular contributor to financial publications and TV channels, offering actionable views on Nifty, Bank Nifty, and sectoral trends.
He focuses on support–resistance mapping, candlestick formations, and positional setups for traders and short-term investors.
His balanced approach — combining technical precision with market psychology — makes him one of the most respected voices in Indian market analysis.