The Indian market which started on a somber note managed to push the index back above crucial resistance levels in the week gone by, which was largely positive for the bulls. The Nifty50 reclaimed its crucial resistance level of 10,900 and closed the week with gains of 1.04 percent.
Similarly, the S&P BSE Sensex reclaimed 36,000 and closed 1.05 percent higher for the week ended January 18. The broader market underperformed with Smallcap index falling by 0.6 percent while the BSE Midcap index slipped a little over 1 percent in the same period.
Even though the benchmark indices managed to reclaim their crucial resistance levels, the number of stocks which hit 52-week low were more than the number of stocks which hit 52-week highs in the week gone by. This could be seen as a sign of caution ahead of the big event.
Source:https://www.moneycontrol.com/news/business/markets/sensex-nifty-jumps-1-heads-up-as-45-stocks-hit-52-week-low-this-week-3410611.html
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