Weekly Trend Report
- April 24, 2023
Week Gone By
- In the week ended on Friday, 21 April 2023, the S&P BSE Sensex slipped 775.94 points or 1.28% to settle at 59,655.06. The Nifty 50 index lost 203.95 points or 1.14% to settle at 17,624.05.
- The BSE Mid-Cap index added 0.50% to settle at 24,844.97.
- The BSE Small-Cap index gained 0.30% to close at 28,234.26.
Week Ahead
- On the domestic macro front, ICICI Bank will declare its quarterly financial results on 22 April 20 23. IndusInd Bank, Persistent Systems will announce their financial results on 24 April 2023.
- Overseas, China’s industrial profits data for year-to-date (YTD) March will be announced on 27 April 2023.
- Japan The Bank of Japan (BoJ) will announce its interest rate decision on 28 April 2023. As per reports, the central bank is expected to keep its ultra-easy monetary policy unchanged.
- US Durable Goods Orders data for March will be declared on 26 April 2023.
Technical Overview
Nifty opened the week on a weak note and witnessed profit booking on monday and thereafter index traded lackluster in brief range. Index reversed finding resistance around 50% retracement level of if whole decline and has formed potential bearish candlestick pattern indicates 17860 to act critical resistance ahead. On the downside, 17550 would act intermediate support, followed by 17420-17300. On the other hand move past 17860, will open the way for 17980-18100.
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