Weekly Trend Report
- 02 January 2024
Week Gone By
- In the week ended on Friday, 29 December 2023 , the S&P BSE Sensex gained 1133.3 points or 1.59% to settle at 72,240.93. The Nifty 50 index rose 382 points or 1.79% to close at 21,731.40.
- The BSE Mid-Cap index advanced 2.67% to close at 36,839.22.
- The BSE Small-Cap index rose 1.60% to end at 42,673.76.
Week Ahead
- On the macro front, the S7P Global Manufacturing PMI for December will be released on 01 January 2023.
- Overseas, China will announce NBS Manufacturing OMI for December on 31 December 2023.
- The US Federal Reserve will releasethe minutes of the FOMC meeting held in December on 04 January 2023.
Technical Overview
The benchmark index ended the year on a buoyant note after a stellar run-up of 7.9% points in December and a 19.7% YTD basis. The closing week of the year remained trending barring the final trading session of the year after establishing a 472 points weekly trading range. The VIX surged 5.8% to 14.5 levels despite coming off from its weekly high. Considering the extended bull run, the index is anticipated to start the new calendar year on a quiet note and the consolidation is likely to continue in the range of 22000-21500 based on weekly option expiry data and a directional bias can be concluded once the range is taken out on a closing basis.
Support: 21700-21550-21440
Resistance: 21800-22000-22200
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