Nifty 50 ended the week, month, and quarter with performances of -0.2%, 2%, and 2.34%, respectively. Nifty 50 started off slow for the week but picked up some volatility towards the end. Throughout the period, it has been trading within the range of 19,500-19,800, experiencing a 3.5% correction from its recent top. It is currently going through a phase of time-wise correction, hovering around the 50-daily moving average which has supported it during earlier declines. As long as Nifty 50 sustains above 19,500, the outlook remains positive. Moving above 19,800 can further validate this positive outlook. However, if it falls below 19,500, it may attract further selling pressure up to 19,200 level.
From a sector perspective, the Pharma sector found support at the lower band during a consolidation patch. Sun Pharma, one of the leading stocks, showed a very bullish development with a 100 months rounding bottom breakout. The Realty sector, after a decade of underperformance, formed an all-time high. On the bearish side, the IT index was the worst performer with a loss of 3%. The Index may experience pain up to 31,200 level.