Another volatile week of raneg-bound movement in the indices ended on January 20 with the Nifty50 forming a Doji pattern on the weekly charts, indicating indecisiveness among bulls and bears about future market trend, but the index sustained uptrend with making higher high higher low formation while taking support at upward sloping support trendline adjoining June 20, 2022 and January 9, 2023 with cooling down volatility to more than one-month low, raising hope for some upside after current rangebound trade.
The Nifty50 gained 71 points during the last week at 18,028, and the BSE Sensex rose 361 points to 60,622, whereas we have seen selling pressure in broader markets as the Nifty Midcap 100 index declined 0.7 percent and Smallcap 100 index dropped 1.1 percent.
Stocks that were in action during the week included Macrotech Developers which surged 10 percent to Rs 1,122 and formed long bullish candle on the weekly scale with above average volumes. The stock recouped all its previous two-week's losses. It has seen a breakout of long downward sloping resistance trend line adjoining November 29, 2021 and December 26, 2022. Also there was a breakout of horizontal resistance trend line adjoining several touchpoints from September 2021 till January 2023.
NHPC shares also rallied 10 percent to Rs 42.60, the highest closing level since November 21 week of 2022, and decisively broke the consolidation range of previous four weeks. The stock has formed robust bullish candle on the weekly charts with above average volumes. It has seen a breakout of downward sloping resistance trend line adjoining October 24, and November 28, 2022.