Weekly Trend Report
- June 19, 2023
Week Gone By
- In the week ended on Friday, 16 June 2023, the S&P BSE Sensex jumped 758.95 points or 1.21% to settle at 63,384.58. TheNifty50 index advanced 262.6 points or 1.41% to close at 18,826.
- The BSE Mid-Cap index climbed 2.95% to settle at 28,331.32.
- The BSE Small-Cap index rallied 2.87% to close at 32,292.19.
Week Ahead
- Overseas, China will announce the Loan Prime Rate for 1 year and 5 years on 20 June 2023.
- Japan will announce inflation rate for May on 23 June 2023.
- Global financial markets could see more heightened volatility over the coming week due to Federal Reserve Chair Jerome Powell’s semi-annual testimony to Congress.
Technical Overview
Nifty dithered in a ~220 points trading range in the previous 2 weeks after facing rejection from the supply zone 18780-18750. Theindex garnered bullish strength amidst the base formation that bolstered a decisive close above the supply zone. Themovethatrallied from Monday in the previous week came on increasing volume and improving market breadth which is a positivesign.Currently we remain in an attempt rally whilst trading 0.62% away from life highs. The status reiterates to confirmuptrendonadecisive close above 18890 and preferably with a follow-through week.
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