The Nifty50 closed just a shade below the 14600 levels on January 14 but muted global cues could weigh on market momentum on Friday.
The S&P BSE Sensex closed 91 points higher at 49,584, while the Nifty50 was up 30 points to close at 14,595 on January 14.
Sectorally, the action was seen in capital goods, oil & gas, energy, healthcare, and FMCG while profit-booking was seen in metals, consumer durables, consumer discretionary, and bankex.
Quess Corp, which rose nearly 10 percent, Suven Pharma (more than 15 percent) and Tata Elxsi (over 4 percent) were some of the stocks in focus. All the 3 stocks touched their fresh 52-week high on Thursday.
We have collated views of experts on what investors should do when the market resumes trading on January 15:
Expert: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
The stock has rallied over 15 percent so far in January. Post strong uptrend rally from Rs 450 to 550, the stock was trading within a narrow range. But, on Thursday after a strong opening, bulls once again took charge pushing Quess Corp higher by 11 percent on strong volume activity.
On the weekly charts, the stock has formed a strong bullish candle along with modest volume activity which clearly suggests that the uptrend will continue in the short run.
Further, on the daily charts, the stock has formed a higher bottom series pattern which suggests a strong bullish structure for the medium term.
For the positional traders, Rs 575 should be the key level to watch. And, if the stock manages to trade above the same then we can expect an uptrend continuation wave up to Rs 720.
On January 14, the stock opened on a strong note and very quickly made a fresh all-time high of Rs 514. Despite tepid market conditions, the stock maintained a strong momentum throughout the day which is broadly positive.
The medium-term structure of Suven Pharma is robust. On the daily charts, the stock has formed a Higher High and Higher Bottom series formation which clearly suggests that the uptrend pattern is likely to continue in the near term.
For the swing traders, Rs 470 should be the sacrosanct support level. If it manages to trade above the same then we can expect an uptrend continuation wave up to Rs 550-570 in the medium term.
On Thursday, the stock made yet another all-time high of Rs 2575. The stock has rallied over 37 percent so far in January, and the important point is that the stock not only surpassed its previous 52-week high of Rs 1710 but comfortably managed to sustain above the same.
The sharp surge in the price surprised most traders. On the daily and weekly charts, the stock has formed a breakout continuation pattern which is grossly positive for Tata Elxsi Ltd.
However, in the short term time frame, momentum indicators indicate that the stock is in the overbought zone, and high chances of a quick short term price correction cannot be ruled out if the stock trades below Rs 2300.
For the next few trading session, Rs 2300 should be the trend decider level for the bulls. If it sustains above the same, we can expect a continuation of the uptrend up to Rs 2550.
Further, the uptrend may also continue which could lift the stock to Rs 2595. On the flip side, dismissal of Rs 2300 could possibly trigger quick short term correction up to Rs 2100.