Stock market this week: The week gone by witnessed some consolidation phase for the markets as Nifty 50 index corrected and traded within a range, but held on above its important support levels. Nifty breached the 16,000 mark during the week, but managed to end above it with a weekly loss of around 1.06 per cent. BSE Sensex corrected by 1.32 per cent and closed at 53,760 levels.
“We witnessed some correction in Nifty during the week but the index has not breached its important support levels. It has retraced recent upside move from 15180 to 16270 by 38.2 percent and the rising trendline support around 15800 has also not been breached. On the lower time frame chart, a ‘Higher Top Higher Bottom’ structure is seen which is still valid and until the index breaks the important support of 15800, the near term outlook remains bullish,” said Ruchit Jain, Lead Research at 5paisa.com.
Expecting more from the bulls when market opens next week, Mehul Kothari, AVP — Technical Research at Anand Rathi said, “Although the final session of the week ended on an optimistic note but the bulls still have a lot to catch up. The index NIFTY spot started the week with a downside gap and then kept on inching lower to sneak below 15900 mark. However at the end of the week; it managed to recover sharply and reclaim 16000 level. Eventually; it lost around a percent during the week.”