Weekly Trend Report
- 20th April, 2024
Week Gone By
- In the week ended on Friday, 19 April 2024, the S&P BSE Sensex tumbled 1156.57 points to settle at 73,388.33. The Nifty 50 index dropped 369.6 points or 1.64% to close at 22,149.80.
- The BSE Mid-Cap index slipped 2.21% to end at 40,004.52.
- The BSE Small-Cap index decreased 0.96% to close at 45,433.79.
Week Ahead
- On the macro front, India’s Wholesale price index (WPI) inflation data for March is due on 15 April 2024.
- Overseas, China’s will announced loan prime rate for 1 year and 5 year on 22 April 2024.
- The Bank of Japan will announce its Interest rate decision on 26 April 2024.
Technical Overview
The benchmark index commenced the week with selling pressure and trended in that direction as the week progressed, breaching below the 20 and 50 DMA and adding a distribution day. However, the index pulled back into the rising channel on above-average volume on Friday. However, most broader indices and sectoral themes remain in a confirmed uptrend with worsening momentum. On the market breadth front, the populace of stocks trading above 20 & 50 DMA have dropped below 50%. On the momentum participation front, the numbers have seen a declining slope on subdued market breadth volume. This indicates an interim paucity of demand at higher levels. We reiterate market status as an uptrend under pressure and anticipate the index to trend in a broader range of 22775-21600 and offer a directional bias once either of the levels is taken out.
Supp: 21700-21600-21450
Res: 22330-22430-22500
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