The market recouped intraday losses in last hour of trade and ended marginally higher at fresh record closing high on December 18 as gains led by IT, pharma and select FMCG stocks were capped by the selling in select banking & financials, auto and metals stocks.
The BSE Sensex rose 70.35 points to 46,960.69, while the Nifty50 gained 19.80 points at 13,760.50 and formed Dragon Fly Doji kind of pattern on the daily charts. The index rose 1.8 percent for the week and witnessed bullish candle formation on weekly scale.
"Long bull candle was formed on the weekly chart with minor lower shadow. This indicate a continuation of up trended move as per long term chart. Though, Nifty placed at the highs, there is no indication of any reversal pattern unfolding as per intraday/daily and weekly timeframe charts," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
According to him, the consolidation movement could continue for the early part of next week, before showing further upside momentum in the mid part. "The next crucial long term resistance to be watched around 13,900-14,000 levels for the next 1-2 weeks. Immediate support is placed at 13,660," he said.