*WEEKLY EQUITY REPORT* *TECHNICAL OUTLOOK*  Benchmark Index traded volatile during the previous week and closed with 0.58% cut at 22,796 level. Banking index slightly outperformed the benchmark index as it closed with 0.24% cut at 48,981 level  Among the Nifty constituents, NTPC and HINDALCO closed with 8.62% and 7.81% gains while M&M and BHARTIARTL were the laggards as they closed with 9.29% and 4.53% cut respectively. Among the Bank nifty constituents, ICICIBANK underperformed the Banking index as it closed with 2.15% cut  Among Sectors, METAL and PSE index outperformed as it closed with 5.16% and 3.36% gains while AUTO and FMCG were the laggards as they closed with 2.55% and 1.96% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.68% and 1.49% gains respectively  Volatility index (India VIX) closed with 3.23% cut at 14.53 level  Globally, Equity markets traded on a negative note during the week as both US market (DJIA) and European market (DAX) closed with 2.51% and 1.00% cut respectively *POSITIONAL MARKET OUTLOOK*  The benchmark index closed with a Gravestone Doji candlestick formation on the weekly timeframe, indicating selling pressure at higher levels. The closing and opening prices are almost the same, signaling negative sentiment for the past week. A break below the crucial support level of 22,700 would further intensify selling pressure, potentially pushing the index down to the 22,600 to 22,400 range. Immediate resistance for the index is set at 23,300. Sustaining prices above this level could reverse the negative sentiment. Until then, any bounce within the range of 22,900 to 23,100 should be viewed as a shorting opportunity, with a strict stop loss at 23,300 on the higher side.  The banking index closed with a candlestick formation similar to that of the benchmark index, indicating selling pressure at higher levels. Looking ahead, the crucial resistance level for the index is 49,900. Any rebound in the range of 49,200 to 49,500 should be viewed as a shorting opportunity, with a strict stop-loss set at 49,900. Immediate support for the index is at 48,500; if this level is breached, it will likely intensify selling pressure and lead to further downward movement towards 47,850 level. *MARKET OUTLOOK FOR THE NEXT WEEK WITH PIVOT LEVELS*  The benchmark index is expected to consolidate within a wider range, with elevated volatility anticipated during the weekly and monthly expiry week. If prices remain below the 22,700 level, selling pressure is likely to increase, potentially leading to lower levels for the index.  The banking index is likely to trade in line with the benchmark index within a broader range, and volatility is expected to remain elevated due to the expiry week. However, sustained prices below the 48,500 level will intensify selling pressure and open lower levels for the index. Disclaimer: The above view is for educational purposes only. Trading carries significant risks and may not be suitable for all investors. Please conduct due diligence before investing, as past performance does not guarantee future results.