Stocks held their fourth straight week of gains ahead of third-quarter corporate earnings and the federal budget. The rise in Covid-19 cases appears to be a less worrisome factor due to low hospitalization rates.
On Jan. 14, the Nifty 50 closed at 18,255, up 2.5%, and rose to 7.5% in 4 weeks, indicating good momentum. Experts say the formation of a bullish candle for the fourth week in a row shows that the bulls are not tired at the moment, and if the uptrend continues, new all-time highs cannot be ruled out in the coming days.
All sectors except FMCG participated in gains last week, with energy, infrastructure, autos and metals among the top gainers. The Nifty Midcap 100 and Smallcap 100 rose 2.82% and 3.62%, respectively.
“The nifty indicator on the weekly chart has formed a long bullish candle for three weeks in a row,” said Nagaraj Sheti, technical research analyst at HDFC Securities. “Although Nifty is at highs, there is nothing at the highs according to the growing time frame chart. Signs of tiredness or reversal.”
Nifty’s recent uptrend remains intact, and the intraday weakness on Jan. 14 did not dampen the bulls’ efforts, Shetti said.
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