Weekly Trend Report
- December 18, 2023
Week Gone By
- In the week ended on Friday, 15 December 2023, the S&P BSE Sensex gained 1658.15 points or 2.37% to settle at 71,483.75. The Nifty 50 Index jumped 487.25 points or 2.32% to close at 21,456.65.
- The BSE Mid-Cap index rose at 2.57% to 36,198.35.
- The BSE Small-Cap advanced 2.38% to end at 42,083.21.
Week Ahead
- Domestic and macroeconomic data, trend in global stock market, the movement of rupee against the dollar and crude oil prices will also dictate trend on the bourses in the trading week ahead.
- Overseas, China will announce the Loan Prime rate for 1 year and 5 year on 20 December 2023.
- The Japan will announce inflation rate for November on 22nd December 2023.
- The Bank of Japan will announce its interest rate decision on 19th December 2023.
Technical Overview
The 50 index incepted the week with the formation of an outside bar candle, however, the bearish implication was negated on Thursday following a gap-up opening as the price action recuperated 687 points from the weekly low of 20769. With this, the index closed higher for 6th consecutive week and remains extremely overbought. The VIX scaled 5.3% higher, and the volatility is anticipated to spike further on readings above 14.1. On the derivative front, the strikes of 21300PE and 22000CE have mounted the highest open interest. The bullish strength is anticipated to remain intact provided the support zone near 21000 remains intact.
Supp: 21280-21100-20930
Res: 21500-21800-22000
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