Weekly Trend Report
- 18/11/2022
- November 21, 2022
Week Gone By
- In the week ended on Friday, 18 November 2022, the Sensex lost 131.56 points or 0.21% to settle at 61,663.48.The Nifty 50 index declined 42.05 points or 0.23% to settle at 18,307.65
- The BSE Mid-Cap index fell 1.30% to settle at 25,134.92
- The BSE Mid-Cap index fell 1.30% to settle at 25,134.92
Week Ahead
- China will announce Loan Prime Rate for Year 1 and Year 5 on 21 November 2022
- US Federal Reserve will release minutes of the last policy meeting on November 24 2022
- US Federal Reserve will release minutes of the last policy meeting on November 24 2022
Technical Overview
Nifty opened in red for the week and largely remained in the range of 230 points throughout the week in paucity of volumes. This allowed the index to escape distribution days on a couple of occasions in the week. On Friday, it witnessed a tepid technical pullback from the shorter term EMA which formed a small body spinning candle on the weekly timeframe showing indecision going forward. It will be crucial for the index to see a follow-through week to attract further bullish momentum. The support for the week comes near 18100 – 17950 – 17800 whereas resistance is near 18350 – 18450 – 18600.
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