Weekly Trend Report
- February 6, 2023
Week Gone By
- In the week ended on Friday, 03 February 2023, the Sensex gained 1,510.98 points or 2.55% to settle at 60,841.88.The Nifty 50 index advanced 249.70 points or 1.42% to settle at 17,854.05
- The BSE Mid-Cap index rose 0.45% to settle at 24,448.01
- The BSE Small-Cap index rose 0.86% to settle at 27,862.68
Week Ahead
- Q3FY23 Results will continue to remain in focus for the week
- The next RBI policy review is scheduled during 6 to 8 January 2023
- China will announce the inflation rate for January 2023 on 10 February 2023
Technical Overview
Nifty remained highly volatile amidst a turbulent week trading in a 618 points range on relatively higher volumes throughout the week. The index opened saw a jittery start to the week ahead of the Union Budget while it strained out on the event day also owing to a bearish reaction on the Adani Group stocks. However, the support of 100 DEMA, 50 WEMA, pivot, and 38.2% retracement level bolstered a technical pullback which led to incremental gains in the last 2 trading sessions allowing the index to close the week in green and reclaim the 20 WEMA. The VIX cooled off by ~17% and IV by 34% indicating lesser unruly moves like that in the previous week. It will be crucial for the index to sustain above 17430 levels to attract bullish momentum going forward.
To view the detailed report click on the Download Report link below
