Weekly Trend Report
- June 03, 2023
Week Gone By
- In the week ended on Friday, 02 June 2023, the S&P BSE Sensex rose 45.42 points or 0.07% to settle at 62,547.11 The Nifty 50
index gained 34.75 points or 0.19% to close at 18,534.10. - The BSE Mid-Cap index rose 1.83% to settle at 27,294.10.
- The BSE Small-Cap index gained 2.40% to close at 30,885.70.
Week Ahead
- The RBI’s Monetary Policy Committee (MPC) review meeting is slated for June 6-8.
- The S&P Global Services PMI for May will be announced on 5 June 2023.
- Japan will announce the inflation rate data for May on 9 June 2023.
Technical Overview
Nifty opened the week on a buoyant note by gapping up 120 points, however, it remained choppy amidst the uncertainty around
the US Debt ceiling. The benchmark index briefly traded in a 197 points trading range with the pivotal point near 18600 on the
weekly timeframe acting as immediate resistance whereas the pivotal point of 18458 on the daily timeframe as stiff immediate
support. The price action closed the week without showing any directional bias, however, it ended the week forming an inside bar
that shows volatility compression. The index is anticipated to resume its up move to all-time highs provided the support zone of
18460-18300 remains intact.
Supp:18458-18300-18200
Res:18660-18780-18887
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