Nifty jumps 1%; Heads up as 45 stocks hit a 52-week low this week
The Indian market which started on a somber note managed to push the index back above crucial resistance levels in the week gone by, which was largely positive for the bulls. The Nifty50 reclaimed its crucial resistance level of 10,900 and closed the week with gains of 1.04 percent.
Similarly, the S&P BSE Sensex reclaimed 36,000 and closed 1.05 percent higher for the week ended January 18. The broader market underperformed with Smallcap index falling by 0.6 percent while the BSE Midcap index slipped a little over 1 percent in the same period. Even though the benchmark indices managed to reclaim their crucial resistance levels, the number of stocks which hit 52-week low were more than the number of stocks which hit 52-week highs in the week gone by. This could be seen as a sign of caution ahead of the big event.source- www.moneycontrol.com
A bullish Butterfly Harmonic pattern is visible on the weekly chart of Nifty Midcap100. The Nifty SmallCap100 index is seen to be consolidating after a sharp rise, which may end in a breakout in the original direction (on the upside in this case). However, falling rupee may continue to do the spoil play going forward to some extent. A decisive move above 10,950 would be a bullish sign and will take the index higher towards 11,350-11,600 zones. BankNifty witnessed some profit booking as it has declined from its recent highs and likely to see some consolidation in the near term. Price patterns indicate strong support clusters around the 27,200-27,000 levels on the downside which likely to provide a cushion in case of a decline,
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