ITC has formed bullish candle on the daily charts with higher high formation for fourth straight session, with above average volumes for last several sessions. It has given a decent breakout of long downward sloping resistance trend line adjoining multiple touchpoints at higher levels (November 9, November 11 last year, and January 25, 2023).
Sunil Shankar Matkar
January 30, 2023 / 06:37 AM IST
Representative image
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} January 27 was one of the weakest day for the markets since December 23 with a sharp spike in volatility and a steep fall of around 1.5 percent despite positive global cues. Correction in banks and metal stocks pulled the market significantly down on Friday, the first day of February series.The BSE Sensex plunged 874 points to 59,331, while the Nifty50 tanked 288 points to 17,604, the lowest closing level since October 21, forming a long bearish candle on the daily charts with lower-highs-lower-lows for the second consecutive session.The broader markets also followed similar trend, as the Nifty Midcap 100 and Smallcap 100 indices lost 1.5 percent and 1.9 percent, respectively, on weak breadth. Nearly six shares declined for every rising share on the NSE.Volatility climbed sharply, moving well above all important exponential moving averages of 50, 100 and 200 days, giving discomfort to bulls. India VIX, the fear index, jumped 18.18 percent to 17.32, from 14.66 level.
