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The benchmark indices continued their winning streak, but the wide intraday volatility shows that the rally may be losing momentum given the sustained upward movement over the past week or so. The market appears to be in an overbought zone and profit-taking could occur in the next few sessions. Technically, the market is trading above the 50- and 200-day SMA (simple moving average) and is holding a higher bottom formation on intraday charts that is mostly positive. However, momentum indicators are pointing to temporarily overbought conditions and due to this we have been able to see range bound activity in the near term. For the bulls, 17750-17650 would now be the key support areas, while 17950-18100 would act as the key resistance zone for the traders. Meanwhile, Bank Nifty's bullish sentiment is likely to continue and for trend-followers, 41600 would now be the sacrosanct support zone. Beyond that, it could rally as high as 42700-43000. On the upside, the uptrend below 41700 would be vulnerable.
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