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Trade Spotlight | What should you do with FACT, Mahindra CIE Automotive, Finolex Cables on Friday?

Finolex Cables was also in action, rising 5 percent to Rs 586.7 and formed a long bullish candle on the daily charts with above average volumes. The stock has seen a breakout of small downward sloping resistance trend line adjoining November 30 and December 13, 2022, and a long downward sloping resistance trend line adjoining November 22, 2021, and December 13, 2022.

December 16, 2022 / 09:58 IST
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The market snapped three-day gains and closed below crucial levels - 62,000 on the BSE Sensex and 18,500 on the Nifty50 on December 15, falling more than 1 percent, tracking weakness in global peers after Fed signalled more rate hikes going ahead.

All sectoral indices closed in red with the Bank, IT, Financial Services, and Metal being the biggest losers, falling 1-2 percent, while the broader markets also corrected as the Nifty Midcap 100 index fell 1 percent and Smallcap 100 index was down six-tenth of a percent.

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The BSE Sensex plunged nearly 900 points to 61,799, while the Nifty50 tanked nearly 250 points to 18,415 and formed long bearish candle on the daily charts as well as Evening Star kind of pattern, indicating more weakness in the market in coming sessions.

Stocks that bucked trend on Thursday including Fertilisers and Chemicals Travancore (FACT), which was locked in 20 percent upper circuit to end at record closing high of Rs 223.80 and formed robust bullish candle on the daily charts with large volumes. On monthly charts, it has seen a decisive breakout of horizontal resistance trend line adjoining June 2021 and November 2022, while on the daily charts, it has already seen a breakout of big horizontal resistance trend line adjoining several points (June 2021, January 2022 and November 2022).