Weekly Trend Report
- 21/05/2022
- May 21, 2022
Week Gone By
- In the week ended on Friday, 20 May 2022, the Sensex gained 1,532.77 points or 2.9% to settle at 54,326.39. The Nifty 50 inde x advanced 484 points or 3.07% to settle at 16,266.15.
- The BSE Mid-Cap index rose 691.19 points or 3.17% to settle at 22,506.85.
- The BSE Small-Cap index rose 1035.54 points or 4.09% to settle at 26,351.29.
Week Ahead
- Markets will be influenced by consumers surrounding monetary tightening, China’s Covid lockdowns, and Russia’s war in Ukraine.
- Investors will track fund flows from foreign portfolio investors (FPIs) and domestic institutional investors (DIIs).
- Trend in global stock markets, the movement of the rupee against the dollar, and crude oil prices will also dictate the trend on the bourses in the near term.
Technical Overview
Nifty opened with a gap-up and remained highly volatile throughout the week. It closed the week with 2.9% weekly gains on a tepid note. Friday’s trading session resulted in the head index closing above its previous weekly close. Going ahead Nifty has a crucial support at 15670 and sustenance above the same will bolster the price action to surge towards the resistance placed at 16550 and 16780. The support comes at 15670 and 15350.
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