Weekly Trend Report
- December 04, 2023
Week Gone By
- In the week ended on Friday, 01 December 2023, the S&P BSE Sensex advanced 492.75 points or 0.74% to settle at 67,481.19. The Nifty 50 Index added 134.75 points or 0.67% to close at 20,267.90.
- The BSE Mid-Cap index rose at 2.9% to 34,586.76.
- The BSE Small-Cap advanced 1.91% to end at 40,565.96
Week Ahead
- Overseas, China will announce the Caixin Services PMI for November on 5th December 2023.
- The US ISM Services PMI data for November will be announced on 5th December 2023
- The S&P Global Services PMI for November will be declared on 5th December 2023. On the political front, the outcome of assembly elections in five states will be closely watched.
Technical Overview
The benchmark index soared to new life-highs to 20291 in the week gone by following a bullish breakout from the base of accumulation formed in the penultimate week. While the bull run extended for 4th straight daily sessions amidst positive global macros and declining crude, the VIX spiked 9.3% during the week. While the market status is now upgraded to a confirmed uptrend, it will be crucial that the index continues to sustain above the zone of 20222-19875 to continue the bullish momentum.
Sup: 20,222-20,100-19,875
Res: 20,350-20,450-20,600
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