The Nifty50 reversed some gains on last Friday after rallying in previous eight straight sessions. But the index recorded one percent gain for yet another week ended December 2, forming bullish candlestick pattern on the weekly frame and making higher highs formation for seventh week in a row, tracking favourable global cues.

In fact the index has ended at record closing high on a weekly basis, though it retraced from record highs on daily charts. The momentum is intact and Friday’s correction is on expected lines given the consistent uptrend in the past. Hence, once the current consolidation ends, the Nifty50 is expected to resume upward journey once again towards 18,900-19,000 levels in coming days, with crucial supports at 18,500-18,300, experts said.

The momentum indicators RSI (relative strength index) also traded above 60 mark with upward bias on the weekly basis, and the MACD (moving average convergence divergence) on the weekly as well as monthly frames shows positive trend.

The chart structure construes a positive development, with the indices being in a cycle of higher highs –higher lows. 18,500 is expected to act as the sacrosanct support for the index. While on the higher end, the swing high of 18,900 odd zone is expected to provide some intermediate resistance, followed by the psychological mark of 19,000 in the near term,” Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One said.He remains sanguine with the up trend and would advocate the traders to utilize the dips to add long position in the index.

Also, he expects strong moves outside the indices as the midcap space has witnessed a multi-month breakout and could unfold a new leg of rally in the comparable period.Simultaneously, one should stay abreast of global and domestic developments on a regular basis and continue with a similar buy on decline strategy till the time important supports are held comfortably, the market expert advised.

The weekly timeframe chart of HEG indicates an upside bounce after a consolidation movement of last week. We observe a formation of higher bottom at Rs 956 in mid of November 2022, currently the stock price is moving up steadily thereby confirming bottom reversal pattern.

The overall weekly chart pattern indicates a completion of larger downtrend in the stock price and a resumption of renewed buying interest from the higher lows.The stock price is now placed at the cluster hurdle of weekly 10 and 20 EMA (exponential moving average) and down sloping trend line around Rs 1,080-1,100 levels. Hence, a sustainable move above this area is expected to have a sharp positive impact ahead.

Buying can be initiated in HEG at CMP (Rs 1,060), add more on dips down to Rs 1,025, and wait for the upside target of Rs 1,155 in the next 3-5 weeks, with a stop-loss of Rs 995.

The weekly timeframe chart of the stock price, MTAR Technologies indicates a sustainable upside bounce in last week. The stock price was moving in a narrow range over the last few months and is currently showed upside breakout of the range at Rs 1,700 levels.

Hence, further sustainable move from here could be considered as a significant upside breakout and the stock price could move up sharply. After the formation of crucial bottom in June 2022, the stock price seems to have formed a higher bottom recently and started to move up. Volume has started to rise during upside breakout and weekly RSI shows positive indication.

One may look to buy MTAR Technologies at CMP (Rs 1,738), add more on dips down to Rs 1,670 and wait for the upside target of Rs 1,910 in the next 3-5 weeks, with a stop-loss of Rs 1,625.The stock has formed a double bottom formation on the daily chart. On Friday, the stock absorbed the selling pressure from the falling trend line at Rs 1,125.

It will face the next set of resistance at Rs 1,215 to validate the formation of a double bottom. It is a buy at current levels and more on a drop at Rs 1,080. One can keep a stop-loss at Rs 1,050, and hurdles will be at Rs 1,215 and Rs 1,300.It is forming multiple continuation formations between the narrow range of Rs 900 and Rs 1,025. These types of formations eventually enter a trending wave. The Rs 940 and Rs 900 levels would be major support, however, Rs 1,000 and Rs 1,025 would be immediate resistance levels.

Based on the weekly formation, we are expecting a further upside in the stock. Buy at current levels with stop-loss at Rs 890. On higher levels, it has the potential to rally towards Rs 1,100 with a major hurdle at Rs 1,025.

On Friday, the stock made a higher low at Rs 839 as compared to the previous low which was at Rs 816. After hitting an all-time high of Rs 897 in the previous month, it got into profit-taking mode.

However, after hitting the support of Rs 816, the stock has formed a solid base which will take the stock towards Rs 1,000 in the long run. In the medium term, the stock has the potential to move higher towards Rs 897 again. Buy at current levels and place stop-loss at Rs 815.

The stock has made higher bottoms on the weekly chart with an inside range and trending in a narrow range confirms a breakout.Its weekly RSI has turned upwards from the lower part of the range and other key technical indicators on near-term timeframe chart are positively poised.

The stock has a strong support near its multi band of moving averages on the weekly time scale and the strong positive momentum in the sector reinforces our positive stance.Therefore, we recommend directional long position for a target of Rs 2,180 with a stop-loss of Rs 1,790.The stock oscillated at around its 200-day SMA (simple moving average) and rose to 4-week closing high subsequently.Trendline breakout in its daily RSI and bullish cross-over in its daily MACD signals that the stock is on the verge of a turnaround.

A stable move above its key band of weekly moving averages will support a strong up-move and could take the stock towards Rs 445 initially and Rs 470 subsequently.Therefore, we recommend directional long position for a target of Rs 470 with a stop-loss of Rs 368.