Weekly Trend Report
- 11th May 2024
Week Gone By
- In the week ended on Friday, 10 May 2024, the S&P BSE Sensex tumbled 1,231.07 points or 1.67% to settle at 72,664.47. The Nifty 50 index dropped 388.10 points or 1.73% to close at 22,054.60.
- The BSE Mid-Cap index slipped 3.27% to end at 41,027.75. The BSE Small-Cap index declined 3.80% to close at 45,396.99.
Week Ahead
- India Economic data; Keep an eye out for india’s retail inflation figures for April. In March, inflation dipped to a 10-month low of 4.85%.
- India’s wholesale price inflation (WPI) data for April will be released. WPI rose slightly to 0.53% in March.
- India’s trade balance data for April will be released. The trade deficit narrowed to $15.6 billion in March from a $18.1 billion gap a year earlier.
- Overseas, US Producer Price Index (PPI) data will be released. This data reflects inflation at the wholesale level in the US. A lower-than-expected number could signal easing inflationary pressures.
- US Inflation & Retail Sales Figures will be released. These reports will provide a fresh look at consumer spending and inflation levels in the US economy.
- Japan’s GDP Growth data will be released. This data will reveal the health of the Japanese economy.
- China’s Industrial Production & Retail Sales will be released. These figures will offer insights into China’s economic activity.
Technical Overview
The 50 index wore a corrective look and closed the week 420 points lower than its previous closing below the 50-daily MA. The distribution day count increased to three during the week, and the uptrend remains under pressure. However, the price action managed to defend the 20-week MA coinciding with channel support and the 100 MA on the daily timeframe, making the zone of 22000-21900 an immediate and crucial support zone. The index is anticipated to see a mild technical pullback, with the zone of 22300-22500 acting as immediate resistance in the coming week.
Supp: 21930-21770-21650
Res: 22150-22300-22500
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