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Traders and investors should adopt a buy approach, using the mentioned support level as a stop loss and waiting for higher levels to be achieved.
The selling pressure may continue for few more sessions amid consolidation, but large correction is unlikely due to favourable domestic economic conditions and fall in global commodity prices, experts said
This week, the market will be looking at major economic data such as F&O expiry, India's external debt, US GDP data, and current account balance that are expected to come out.
Based on the OI percentage, a short build-up was seen in 90 stocks including Dr Lal PathLabs, Hindustan Aeronautics, Ramco Cements, MCX India, and Mahanagar Gas.
Indian shares registered a weekly loss, with the Nifty 50 settling lower on Friday due to hawkish central banks, lower earnings guidance by Accenture and consolidation in domestic benchmarks. While global central banks reflect hawkish stances, the domestic economic indicators remain favourable to sustain earnings growth. The Nifty 50 lost 0.56% to close at 18,665.50, and the S&P BSE Sensex fell 0.41% to 62,979.37 at Friday's close, and both indexes lost 0.85% and 0.64%, respectively, for the week. The same has been the most significant weekly decline since late April.