Weekly Trend Report
- 16/07/2022
- July 16, 2022
Week Gone By
- In the week ended on Friday, 15 July 2022, the Sensex declined 721.06 points or 1.32% to settle at 53,760.78. The Nifty 50 index lost 171.40 points or 1.06% to settle at 16,049.20.
- The BSE Mid-Cap index rose 0.88% to settle at 22,854.62.
- The BSE Small-Cap index gained 0.54% to settle at 25,779.56.
Week Ahead
- On the macro front, the Europe Central Bank (ECB) will announce its interest decision on 21 July 2022
- Japan will announce inflation rate for June on 22 July 2022
- China will announce Loan Prime Rate for 1 year and 5 years on 20 July, 2022.
Technical Overview
The head index Nifty after failing to sustain above the major previous gap-down area of 15880 – 16200 saw a corrective intermediate trend. The decline has also come on declining VIX which indicates profit taking after a 7% up move from the intermediate bottom formation. The index on Thursday halted the decline at the support of the gap and saw a pullback on Friday managing to cross and sustain above the short term moving average. On the weekly timeframe the price action is bolstered by the upper moving average band where the intermediate bottom formation was formed. Going ahead the resistance come near 16200 – 16450 – 16550 whereas support comes in near 15850 – 15700 – 15550.
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