Weekly Trend Report
- October 23, 2023
Week Gone By
- In the week ended on Friday, 20 October 2023, the S&P BSE Sensex timbled 885.12 points or 1.34% to settle at 65,397.62. The Nifty 50 index slipped 208.4 points or 1.06% to close at 19,542.65.
- The BSE Mid-Cap index dropped 1.31% to end at 31,880.86.
- The BSE Small-Cap index added 0.01% to close at 38,198.72.
Week Ahead
- Axis Bank, Tech Mahindra will announce their earnings for the second quarter on 25 October 2023.
- ACC, Asian Paints will declare their results on 26 October 2023. Bajaj Finserv, Bajaj Holdings & Investment, Cipla, Dr Reddys Laboratories, , Maruti Suzuki India will unveil their results on 27 October 2023.
- Overseas, the United States Durable Goods Orders data for September will be declared on 26 October 2023. Also Personal Spending data for September will be declared on the same day.
Technical Overview
The benchmark index had a muted start to the week, however, it encountered stronger rejection near 19850 where the price action observed the formation of a bearish island and added 2 distribution days during the trading week. With this, the supply zone has been dragged lower to 19900-19850, and reclaiming this zone to attract bullish strength will be of cardinal importance. On the contrary, the selling pressure is anticipated to intensify on a weekly close below the institutional support level of 19330.
Supp: 19500-19450-19330
Res: 19670-19850-19990
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