Stock picks of the day: ITC, Kajaria Ceramics top buys in holiday-shortened week

The Indian equity market failed to sustain an upward momentum on a weekly basis after making record-high level earlier in the month and continued to trade in a range without any decisive direction.

During a week under review, the Nifty index failed to sustain near its record-high level but managed to hold above the psychological level of 11600 odd levels on closing basis. 

Nifty on weekly basis slipped marginally by 0.19 percent on account of volatility. The Nifty index formed a bearish resembling ‘hanging man’ kind of candlestick pattern on the weekly chart which indicates a reversal in the trend, while it made small bullish candlestick pattern on daily scale led by buying in consumption stocks.

However, the momentum indicator signaled a positive divergence with its weekly RSI 66 odd levels, and MACD continued to trade above its signal-line.