The market bounced back after a day of correction and closed with a half a percent gains on January 13, supported by metal, banking & financial services, auto, and technology stocks. Positive global cues also supported sentiment.
The BSE Sensex rallied 303 points to 60,261, while the Nifty50 climbed nearly 100 points to 17,957 and formed bullish candle on the daily charts. On the weekly basis, there was Long Legged Doji pattern on the weekly scale and the index registered half a percent gains.
"The market action of Friday could be a cheering factor for bulls to make a comeback. However, a decisive move above 18,100 level could be considered as an important bottom reversal pattern and that could have more upside in the near term," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Immediate support is at 17,760 levels, he feels.