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Trade Spotlight | What should you do with Larsen & Toubro, IIFL Finance, Brigade Enterprises on Wednesday?

IIFL Finance has made long bullish candlestick pattern on the daily charts with strong volumes, making higher high for fourth consecutive session. It has seen a breakout of horizontal resistance trend line adjoining multiple touchpoints - November 28, December 27, 2022, January 2, and January 13, 2023.

January 18, 2023 / 06:48 AM IST
 
 
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The market registered a nice rebound on January 17, giving a strong close above the psychological 18,000 mark on the Nifty50 after a day of correction.

The index has formed bullish candle on the daily scale with making higher high higher low for the third straight session and has seen a breakout of downward sloping resistance trend line adjoining December 1, 2022 (all-time high) and January 16, 2023.

Also, there was a breakout of downward sloping resistance trend line adjoining multiple touchpoints from December 1, 2022 (all-time high) on four hourly charts, which all indicating possibility of positive trend going ahead.

The index gained nearly 160 points to close at 18,053, the higher closing level since January 9, while the BSE Sensex climbed more than 560 points to 60,656, driven by technology, FMCG, oil and gas, and select auto, and banking and financial services stocks.