The Indian stock market ended the week on a positive note with the BSE Sensex surging by 1,331 points to close at 80,436.84, marking a 1.68% increase on Friday. The Nifty 50 also showed strength gaining 397.40 points to end at 24,541.15, just slightly below the 24,550 mark. Nifty Bank followed suit rising by 789.60 points to close at 50,516.90. Over the week the Nifty 50 gained 173 points reflecting a 0.71% increase, while the Sensex added 730 points, up by 0.92%.
Among the top stocks of the week, Wipro Limited witnessed a surge closing at Rs 516.10 up by 4.26% on Friday. The stock is currently trading in a bullish trend with a gap above that needs to be filled ranging from Rs 530 to Rs 556. If the bullish momentum continues, the next target could be the recent high of Rs 579. However, if bears take control the price might drop towards the ascending trendline support.
Infosys Limited ended the week on a bullish note with its last close at Rs 1,858.95 reflecting a 1.96% increase. The stock is trading towards its next target of Rs 1,903, which coincides with an ascending trendline resistance. The key question remains whether it will break out above this level or face rejection. A breakout could signal continued bullish momentum, while rejection might see the stock drop to the Rs 1,730 support level.
Tech Mahindra Limited also exhibited strong performance closing at Rs 1,585.30, up by 4% on Friday. The stock managed to close above its recent high of Rs 1,569 and the ascending channel resistance, indicating a continuation of bullish momentum. The next few sessions will be crucial in determining whether the stock can sustain this upward trend at the critical resistance level or face a rejection.
HDFC Bank Limited closed at Rs 1,632.10, gaining 1.51% on Friday. The stock’s behavior in previous instances of gaps suggests that it could move higher to fill the current gap, which acts as a new resistance. The support level is located at an ascending trendline below, making it a key level to watch in the coming days.
Tata Consultancy Services closed at Rs 4,414.20, up by 2.81% on Friday, continuing its bullish trend. The stock is approaching its next target of Rs 4,431, a recent high that was nearly reached as predicted in previous analyses. Below this level lies a substantial fair value gap, which could provide support if the stock faces any downward pressure.
