Weekly Report: November 28, 2023

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 24 November 2023, the S&P BSE Sensex gained 175.31 points or 0.27% to settle at 65,970.04. The Nifty 50 Index added 62.90 points or 0.32% to close at 19,794.70.  
  • The BSE Mid-Cap index rose at 0.69% to 33,610.39.
  • The BSE Small-Cap advanced 0.53% to end at 39,807.29.
Week Ahead
  • Overseas, China will announce the NBS Manufacturing PMI for November on 30th November 2023.
  • China will announce the Caixin Manufacturing PMI for December on 1 Dec 2023
  • The US ISM Manufacturing PMI data for November will be announced on 1 December 2023
Technical Overview

The 50 index witnessed a muted opening for the week and consolidated in the range of 204 points with a declining volume trend throughout the week. The zone of 19800-850 continued to act as a strong supply zone and fended off the bulls throughout the week while on the derivative front, 19800 CE mounted the highest open interest. The VIX continued to trade at lower levels and closed in the proximity of its previously weekly range. All in all, it will be crucial for the index to decisively reclaim this zone to attract further bullish strength.
Supp:19700-19580-19435
Res: 19850-19990-20115

To view the detailed report click here to   Download 

Weekly Report: November 18, 2023

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 17 November 2023, the S&P BSE Sensex jumped 890.05 points or 1.37% to settle at 65,794.73. The Nifty 50 gained 306.45 points or 1.58% to close at 19,731.80.         
  • The BSE Midcap index advanced 2.5% to close at 33,850.58.
  • The BSE Smallcap index rallied 3.18% to end at 39,598.63.
Week Ahead
  • On the political front, the outcome of assembly elections in five state will be closely watched.

  • Overseas, China will announce Loan Prime Rate for 1 year and 5 years on 20th November 2023.

  • Japan will announce inflation rate for October on 24 November 2023.

  •  The United States Durable Goods Orders for October will be declared on 22 November 2023.   

Technical Overview

The 50-index opened on a jittery note following the Muhurat trading for the week. It retrieved its bullish strength from the weekly low of 19414 to pullback 460 points, however, the polarity level near 19850 acting as strong supply zone impeded the weekly rally yet another time. On the derivative front, 19800 CE mounted the highest open interest during the week. All in all, it will be crucial for the index to steer clear above the zone of 19850-19900 decisively on a weekly closing basis to attract further bullish strength until then we reiterate a cautious approach.

Supp: 19630-19480-19330

Res: 19850-19900-19990

 

To view the detailed report click here to   Download 

Weekly Report: November 13, 2023

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 10 November 2023, the S&P BSE Sensex jumped 540.9 points or 0.84% to settle at 64,904.68. The Nifty 50 index gained 194.75 points or 1.01% to close at 19,425.35.         
  • The BSE Mid-Cap index rose 2% to close at 31,735.86.
  • The BSE Small-Cap index added 1.90% at 37,589.06.
Week Ahead
  • On the macro front, India’s inflation rate for October will be unveiled on 13 November 2023.
  •  India’s inflation based on wholesale price index (WPI) for October will be unveiled on 14 November 2023.
  • Þ China will announce the industrial production data for October on 15 November 2023.
  • In US, Retail Sales data for October will be announced on 15 November 2023.
  •  US will announce inflation rate for October on 14 November 2023.
Technical Overview

The benchmark index opened on a buoyant note for the week gapping up nearly 135 points. Moreover, the price action traded in a narrow weekly trading range of 155 points with 78.6% retracement level of its prior swing high and low acting as immediate resistance. Going forward, the zone of 19435-19525 is anticipated to act as an immediate supply zone, and in contrast, the supports have been dragged above to 19330-19235 and sustenance above this zone only will attract further bullish momentum.

Supp: 19330-19235-18120
Res: 19435-19525-19620

 

To view the detailed report click her to   Download 

Weekly Report: November 06, 2023

Weekly Trend Report

Week Gone By
  •  In the week ended on Friday, 03 November 2023, the S&P BSE Sensex jumped 580.98 points or 0.91% to settle at 64,363.78. The Nifty 50 Index gained 183.35 points or 0.96% to close at 19,230.60        
  • The BSE Mid-Cap index rose 2% to close at 31,735.86.
  • The BSE Small-Cap index added 1.90% at 37,589.06.
Week Ahead
  •  The US Non Farm Payrolls data and employment rate for October will be disclosed on 3rd November 2023.
  •  The US ISM Services PMI for October will be declared on 3rd November 2023.
  • China will announce the inflation rate for October on 9th November 2023.
Technical Overview

The benchmark index saw a positive opening for the trading week, however, it largely remained range-bound within 336 points with the zone of 19235-19330 acting as the immediate supply zone. On the derivative front, the strikes of 19200 saw the highest addition in put OI while the strikes of 19300 saw the highest addition on the call side indicating immediate resistance. The index is anticipated to attract bullish strength on decisively reclaiming the zone of 19235-19330.

Supp: 19230-19020-18850

Res: 19330-19440-19620

To view the detailed report click on the Download Report link below

Weekly Report: October 28, 2023

Weekly Trend Report

Week Gone By
  •  In the week ended on Friday, 27 October 2023, the S&P BSE Sensex dropped 1,614.82 points or 2.47% to settle at 63,782.70. The Nifty 50 Index lost 495.40 points or 2.53% to close at 19,047.25         
  • The BSE Mid-Cap index shed 2.41% to close at 31,112.51.
  • The BSE Small-Cap index slipped 3.43% at 36,888.03
Week Ahead
  • The US Federal Reserve will announce its interest rate decision after its two day policy meeting on 1 November 2023.
  • The Bank of Japan (BoJ) will announce its interest rate decision on 31 October 2023.
  • China will announce the NBS Manufacturing PMI for October on 31 October 2023.
Technical Overview

The benchmark index started the week on a negative note breaching below the 100 DMA and the oppression continued for the next 2 trading sessions. However, the drawdowns showed resilience to 200 DEMA, and the week ended on a mild short recovery note rebounding from the average line. With this, the resistance has been dragged further lower to the zone of 19330-19235 and the index is anticipated to attract any bullish strength on reclaiming this zone decisively on a weekly closing basis. On the contrary, the levels of 18830 and 18600 are anticipated to act as strong support and a breach below this zone will invite further selling pressure.

Supp:18830-18600-18500
Res:19070-19230-19335

To view the detailed report click on the Download Report link below

Weekly Report: October 23, 2023

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 20 October 2023, the S&P BSE Sensex timbled 885.12 points or 1.34% to settle at 65,397.62. The Nifty 50 index slipped 208.4 points or 1.06% to close at 19,542.65.
  •  The BSE Mid-Cap index dropped 1.31% to end at 31,880.86.
  • The BSE Small-Cap index added 0.01% to close at 38,198.72.
Week Ahead
  • Axis Bank, Tech Mahindra will announce their earnings for the second quarter on 25 October 2023.
  • ACC, Asian Paints will declare their results on 26 October 2023. Bajaj Finserv, Bajaj Holdings & Investment, Cipla, Dr Reddys Laboratories, , Maruti Suzuki India will unveil their results on 27 October 2023.
  • Overseas, the United States Durable Goods Orders data for September will be declared on 26 October 2023. Also Personal Spending data for September will be declared on the same day.
Technical Overview

The benchmark index had a muted start to the week, however, it encountered stronger rejection near 19850 where the price action observed the formation of a bearish island and added 2 distribution days during the trading week. With this, the supply zone has been dragged lower to 19900-19850, and reclaiming this zone to attract bullish strength will be of cardinal importance. On the contrary, the selling pressure is anticipated to intensify on a weekly close below the institutional support level of 19330.

Supp: 19500-19450-19330
Res: 19670-19850-19990

To view the detailed report click on the Download Report link below

Weekly Report: October 16, 2023

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 13 October 2023, the S&P BSE Sensex rose 287.11 points or 0.44% to settle at 66,282.74. The Nifty 50 index added 97.55 points or 0.50% to close at 19,751.05.
  • The BSE Mid-Cap index rose 0.71% to end at 32,305.62.
  • The BSE Small-Cap index gained 0.86% to close at 38,184.83.
Week Ahead
  • India’s inflation based on wholesale price index (WPI) for September will be declared on 16 October 2023.
  • Bajaj Finance, L&T Technology Services, Bajaj Auto, IndusInd Bank, LTIMindtree, Wipro, Hindustan Unilever, ITC, Nestle India, UltraTech Cement will be unveiling their Q2FY24 results in the coming week.
  • Overseas, China’s GDP for Q3 will be unveiled on 18 October 2023, accompanied by the industrial production and retail sales figures for September.
  • The US Retail Sales data for September will be announced on 17 October 2023.
Technical Overview

The 50 index opened under selling pressure owning to the Israel-Hamas war, however, the index managed to pull higher amidst the pullback rally. The upside remained capped ahead of the 38.2% retracement level of its prior swing high and low while the VIX surged 3.8% during the week. The consecutive gap-down areas in the last throwback rally from the life-highs are anticipated to act as stronger resistance zone. It will be crucial that these gaps be decisively filled and reclaimed to attract bullish strength.

Supp:19770-19700-19650
Res:19840-19900-19990

To view the detailed report click on the Download Report link below

Weekly Report: October 07, 2023

Weekly Trend Report

Week Gone By
  •  In the week ended on Friday, 06 October 2023, the S&P BSE Sensex advanced 167.22 points or 0.25% to settle at 65,995.63. The Nifty 50 Index added 15.20 points or 0.08% to close at 19,653.50       
  •  The BSE Mid-Cap index shed 0.81% to close at 32,077.66
  •  The BSE Small-Cap index advanced 0.79% at 37,860.58
Week Ahead
  • The corporate results for the second quarter of the current fiscal (Q2FY24), July to September period, will be in focus.
  • Overseas, the US will announce inflation rate for September on 12 October 2023.
  •  The China US will announce inflation rate for September on 13 October 2023.
Technical Overview

The 50 index opened on a weak note for the truncated week, marked a low of 19333 on Wednesday and witnessed a sharp technical pullback to recover 320 points and closed in the upper quartile of the weekly trading range while reclaiming the 50DMA currently trading near 19607 on Friday. The index has formed a bullish reversal island which indicates the setting up of an intermediate bottom with the level of 19330 to act as relatively stronger pivotal support. The strikes of 19600 have seen the addition of the highest put open interest during the week while on the technical front, the 61.8% retracement level coupled with 50DMA offers immediate support near the levels of 19600. On the upside, 19760 and 19900 are expected to act as resistance.  

Supp: 19550-19430-19330
Res: 19765-19900-19990

To view the detailed report click on the Download Report link below

Weekly Report: September 30, 2023

Weekly Trend Report

Week Gone By
  •  In the week ended on Friday, 29 September 2023, the S&P BSE Sensex advanced 320.09 points or 0.49% to settle at 65,828.41.
  • The Nifty 50 Index added 114.75 points or 0.59% to close at 19,638.30.
  •  The BSE Mid-Cap index advanced 1.23% to close at 32,340.7.
  •  The BSE Small-Cap index advanced 1.36% at 37,562.23.
Week Ahead
  •  The S&P Global Manufacturing PMI for September will be announced on 3 October 2023.
  • Overseas, the US ISM Manufacturing PMI data for September will be announced on 2October 2023.
  • The US Non Farm Payrolls data for September will be declared on 6 October 2023.
Technical Overview

The trading week opened on a flattish note and traded laterally at the back of 50 DEMA and 61.8% retracement of the prior swing
high and low. The week closed with the formation of an inside bar at the mentioned support which indicates a potential sign of a
mild pullback following a tighter compression. While the resistance has been dragged lower to the zone of 19900-19840, the
strikes of 19600 and 19500 have seen the highest put open interest, indicating potential support going forward.

Supp:19500-19400-19200
Res:19765-19840-19900

To view the detailed report click on the Download Report link below

Weekly Report: September 09, 2023

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 08 September 2023, the S&P BSE Sensex surged 1211.75 points or 1.85% to settle at 66,598.91. The Nifty 50 Index advanced 384.65 points or 1.98% to close at 19,819.95.
  • The BSE Mid-Cap index advanced 3.93% to close at 32,672.
  • The BSE Small-Cap index gained 2.26% to close at 38,266.53.
Week Ahead
  • On the macro front, India’s industrial production data for July will be declared on 12 September 2023. The inflation rate for August will be announced on the same day.
  •  Overseas, China will announce the inflation rate for August on 9 September 2023.
  • In the US, the inflation rate for August will be announced on 13 September.
Technical Overview

The 50 index closed higher on all five trading sessions in the previous week as the investors generated even modest buying interest after reclaiming the 50 DMA. The index ascended 2% in the week while the VIX cooled off 4.3%, however, the undercurrent in the markets remains strong. With this, the price action has now dragged their support higher to 19650-19500. The trading week saw a larger addition in the call open interest in the 20000. On the price action front, the levels of 19990 and 20250 are anticipated to act as potential resistance in the week to come.

Supp:19680-19500-19250
Res: 19890-19990-20250

 

To view the detailed report click on the Download Report link below