Weekly Trend Report
- October 16, 2023
Week Gone By
- In the week ended on Friday, 13 October 2023, the S&P BSE Sensex rose 287.11 points or 0.44% to settle at 66,282.74. The Nifty 50 index added 97.55 points or 0.50% to close at 19,751.05.
- The BSE Mid-Cap index rose 0.71% to end at 32,305.62.
- The BSE Small-Cap index gained 0.86% to close at 38,184.83.
Week Ahead
- India’s inflation based on wholesale price index (WPI) for September will be declared on 16 October 2023.
- Bajaj Finance, L&T Technology Services, Bajaj Auto, IndusInd Bank, LTIMindtree, Wipro, Hindustan Unilever, ITC, Nestle India, UltraTech Cement will be unveiling their Q2FY24 results in the coming week.
- Overseas, China’s GDP for Q3 will be unveiled on 18 October 2023, accompanied by the industrial production and retail sales figures for September.
- The US Retail Sales data for September will be announced on 17 October 2023.
Technical Overview
The 50 index opened under selling pressure owning to the Israel-Hamas war, however, the index managed to pull higher amidst the pullback rally. The upside remained capped ahead of the 38.2% retracement level of its prior swing high and low while the VIX surged 3.8% during the week. The consecutive gap-down areas in the last throwback rally from the life-highs are anticipated to act as stronger resistance zone. It will be crucial that these gaps be decisively filled and reclaimed to attract bullish strength.
Supp:19770-19700-19650
Res:19840-19900-19990
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