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The onset of trading week took off in green, marked a lower swing high at 19795 and pared 278 points in the corrective rally from  the life-highs of 19991. With this the 50 index has added 4 distribution days in the rally and so the uptrend remains under pressure.  Going forward, the levels of 19400 is reckoned to act as immediate support based on the build-up of the put writing and the  presence of the highest volume-profile node near that level. The smart hands are anticipated to try and defend their positions and  are likely to defer below 19300.  

Supp:19400-19300-19180 
Res: 19680-19730-19870

After closing with gains for four consecutive weeks, the benchmark index took a breather on anticipated lines as it dithered in a  narrow trading range of 304 points for the week. With this the index marked its first lower high in 17 weeks, however, it continues to  trade above the previous week’s low. The highlight of the previous week was that the VIX slid 11.8% to a multi-year low. With  weekly RSI trading mildly in the overbought territory at 71.06 reading, the index is anticipated to have formed a temporary top with  19991 to act as key resistance. However, there are no signs of any major drawdowns and with key supports in the zone of 19500- 19420, the trading range is expected to get wider in the coming week. 

Supp:19600-19500-19400 
Res: 19750-19850-1990

The benchmark index opened on a tepid note for the week following a bullish breakout from the minor base and advanced the first four trading sessions. The index scaled closed to 20000, however, it pared ~247 points from the life-high of 19991 on Friday as the IT index juddered over 4% as Infosys lowered its guidance for FY24. As a result, the index closed the week with an inverted hammer after record- ing the 17th consecutive higher high. The VIX continues to trade at lower levels and it will be crucial that it continues to trail below its 20 WMA currently trading at 12.04 levels to curb any unruly move. All in all, the highsof 19991 is anticipated to act as immediate hurdle whereas the drawdowns are reckoned to be limited to zone of 19500.

Support: 19700-19600-19500
Resistance: 19991-20100-20200

The benchmark index saw a muted opening and displayed tightness in volatility amidst the brief consolidation of 220 points. The price ac tion edged higher toward the supply zone from 19500-19525 during the week and managed to break out on Friday ushered by short cover ing in the IT sector. With this, the index marked its 16th consecutive higher high. While the breakout came on a relatively lower volume, the daily RSI has also diverged negatively to the price. On the derivative front, the strikes of 19000 and 19500 have seen the building of higher put open interest and call open interest at the strikes of 19600 and 20000. All in all, it will be crucial that the index witnesses a follow through and a decisive close above 19600 whilst managing to sustain above the crucial support of 19500 to attract further bullish momen tum. 

Supp:19500-19300-1900 Res:19600-19800-20000

The 50 index opened on a tepid note for the week and witnessed volatility compression in the following two trading sessions. It sawa range break on Thursday, however, the index succumbed to selling pressure on the last day of the week after recording newlife-high at 19523 and paring 220 points. The zone of 19380-19500 is anticipated to act as immediate resistance goingforwardandweekly close above the zone will attract further bullish momentum. The VIX surged 6.8% during the week and some volatility anticipated to persist in the coming week. 

Supp:19320-19190-19000

The stupendous rise of 1526 points from the March closing was arrested at the pivotal resistance of the life-highs at 18887. Theindex pared nearly 221 points after retesting the resistance twice during the week. On the positive side, the weekly timeframe continued its 12 consecutive streak of higher highs and lows and the drawdowns that came in the week gone by were on relatively lower volumes. It holds stiff support near the support zone of 18600 coupled with pivotal support and a shorter-term moving average. The index is anticipated to attract further bullish momentum provided the support zone remains intact on a weekly closing basis. 

Supp: 18600-18530-18450 
Res: 18780-18887-19000

Nifty dithered in a ~220 points trading range in the previous 2 weeks after facing rejection from the supply zone 18780-18750. Theindex garnered bullish strength amidst the base formation that bolstered a decisive close above the supply zone. Themovethatrallied from Monday in the previous week came on increasing volume and improving market breadth which is a positivesign.Currently we remain in an attempt rally whilst trading 0.62% away from life highs. The status reiterates to confirmuptrendonadecisive close above 18890 and preferably with a follow-through week.

Nifty faces an immediate hurdle in the zone of 18,810-18,750 ahead of the all-time pivotal resistance at 18,777. The resistance
zone formerly marked exhaustion ahead of the prior declining trend from the ATH of 18,777 to 16,828. The current move has been
arrested near the resistance zone and formed a bearish harami candle pattern coupled with the RSI on the daily timeframe
diverging against the price and the Midcap and Smallcaps cooling off after peaking in the overbought zone. This indicates an
intermediate top formation. The primary trend remains healthy, however, considering the stupendous rise from the March lows, the
index is anticipated to take a breather and garner further bullish strength with crucial support near 18,450 before it resumes its up
move towards 19,000 and 19,200.