StockReport Archive

Weekly Report: 27th may 2024

Weekly Trend Report

Week Gone By

In the week ended on Friday, 24 May 2024, the S&P BSE Sensex tumbled 1,404.45 points or 1.90% to settle at 75,410.39. The Nifty 50 index dropped 455.10 points or 2.02% to close at 22,957.10.
The BSE Mid-Cap index advanced 1.1% to end at 43,519.44.
The BSE Small-Cap index rose 0.08% to close at 47,996.45.

Week Ahead

India GDP growth rate will be released on May 31,2024
US GDP growth rate QoQ 2nd estimate to be released on May 30, 2024.
Japan’s Consumer Confidence data for the May will be released on May 29, 2024.

Technical Overview

This week, the 50 index continued its momentum amidst the pullback rally from the channel’s support. It continued the streak of 10 higher high trading sessions and closed the truncated week in the upper quartile of the trading range after recording fresh life-highs of 23026. Volatility, too, remained at elevated levels. The price action is trading at a distance of 2.3% from the mean on weakening market breadth. The populace of stocks trading above 10 and 20 daily MAs dropped below their 50% threshold, indicating a frail intermediate trend, and the momentum breadth waned on expanding market breadth volume, indicating selective accumulation. The index is anticipated to consolidate as we approach the election result, and drawdowns restricting up to 50 daily MA currently trading near 22342 will act as an opportunity to capitalize on dips.

Sup: 22750-22500-22350

Res: 23050-23180-23380

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Weekly Report: 21st may 2024

Weekly Trend Report

Week Gone By

In the week ended on Friday, 17 May 2024, the S&P BSE Sensex gained 1,252.56 points or 1.72% to settle at 73,917.03. The Nifty 50 index added 410.9 points or 1.86% to close at 22,466.
The BSE Mid-Cap index rallied 4.42% to end at 42,841.1. The BSE Small-Cap index declined 4.83% to close at 47,591.67.

Week Ahead

India’s HSBC composite PMI and Services PMI data for may will be released on 23rd May 2024
US Federal reserve Chair Jerome Powell is scheduled to deliver a speech on 20th May 2024. The fed have decided to hold interest rates steady at high level for sixth month in a row. Interest is high and job market is strong so fed is not comfortable lowering rates yet. This means borrowing will likely to stay expensive for a while.
Japan’s balance of trade data is scheduled to be released on 22nd May 2024.
The US FOMC minutes are scheduled to be released on 22nd May 2024 providing insights into Fed’s recent interest rate decisions and shedding light on their prospective interest rate policies.
Japan’s Inflation rate for April will be disclosed on 24th May 2024.

Technical Overview

The 50 index commenced the week on a jittery note; however, after finding modest buying interest at the support of the rising channel, the price action witnessed a technical pullback to close in the higher quartile of the weekly trading range with a higher high structure. It closed 440 points higher from its penultimate weekly closing, marginally above the psychological mark of 22500. The week saw improving stock participation and refining momentum market breadth by expanding market breadth volume, indicating potential accumulation. Technically, the zone of 22500-520 holds an overhead resistance zone. It will be crucial for the index to decisively reclaim this zone on a closing basis to continue to attract bullish strength.

Supp: 22300-22150-21820

Res: 22520-22800-22900

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Weekly Report: 20th April 2024

Weekly Trend Report

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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Weekly Report: 11th may 2024

Weekly Trend Report

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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Weekly Report: 06th may 2024

Weekly Trend Report

Week Gone By

In the week ended on Friday, 3 May 2024, the S&P BSE Sensex gained 941.12 points to settle at 74,671.28.
The Nifty 50 index jumped 223.45 points or 1% to close at 22,643.40.
The BSE Mid-Cap index rallied 1.99% to end at 42,414.53. The BSE Small-Cap index shed 0.1% to close at 47,191.41.

Week Ahead

Overseas, the China will announce its trade figure for the month of April on 9th May, 2024.
The Germany will released its import and export numbers for April on 7th May, 2024.
The Bank of England will announce its interest rate decision on 9th May, 2024. The BoE maintained the Bank Rate at 5.25% during its March meeting, its highest level since 2008, as policymakers awaited clearer signals indicating that the country’s persistent inflationary pressures had subsided.

Technical Overview

The benchmark index commenced the truncated week on a positive note and consolidated higher, with the median of the ascending channel acting as immediate resistance. That, coupled with the pivotal resistance near 22775, caused the index to succumb to selling pressure and pare all gains. Yet, escaping a distribution day, it saw a muted weekly closing against a 33.8% rise in the VIX. The populace of stocks trading above 10DMA slipped below the 50% threshold while those above 20DMA continued to stand above the 50% threshold. The momentum market breadth remained mildly positive, while the market breadth volume indicated modest accumulation. Overall, the market breadth saw mildly weakening. However, the swing confidence remains high as most broader indices and sectorial themes remain in an uptrend with improving negative momentum. On the derivative front, 22800CE saw the highest build-up and addition of open interest, indicating stronger resistance. Technically, the zone of 22330-22290 acts as an immediate support zone and a weekly closing below it will invite further selling pressure.

Supp: 22290-22150-21860

Res: 22775-22900-23050

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Weekly Report: 27th April 2024

Weekly Trend Report

Week Gone By

In the week ended on Friday, 26 April 2024, the S&P BSE Sensex gained 641.83 points to settle at 73,730.16.
The Nifty 50 index added 272.95 points or 1.23% to close at 22,419.95.
The BSE Mid-Cap index rallied 3.96% to end at 41,587.77. The BSE Small-Cap index advanced 3.97% to close at 47,239.29.

Week Ahead

Overseas, the US Federal Reserve (Fed) will announce its interest rate decision after its two-day policy meeting on 1st May, 2024.
The China will announce the NBS Manufacturing PM for April on 30 April 2024. The Caixin Manufacturing PMI for April will also be declared on the same day.
The US ISM Manufacturing PMI for April will be declared on 1 May 2024. The US ISM Services PMI for April will be declared on 3
May 2024. The US Non Farm Payrolls data for April will be announced on 3 May 2024. The US Unemployment Rate data for April will also be announced on the same day

Technical Overview

The The 50 index commenced the week on a gap-up opening, reclaiming the 50DMA following a knee-jerk reaction witnessed during the closing of the penultimate week. The price action trended in the positive direction to close 1.2% higher on a weekly basis, while the VIX plummeted 18.8%. Most broad and sectorial indices are in a confirmed uptrend with improving momentum. On the market breadth front, the populace of stocks trading above 20 and 50DMA are well above the 50% threshold, indicating positive participation of stocks. The momentum breadth remained positive on subdued market breadth volume, indicating lower accumulation than in the previous upswings. Technically, the price action has an immediate support zone from 22300-22230, and sustenance above this zone will allow the index to continue to attract bullish momentum.

Supp: 21900-21650-21450

Res: 22050-22380-22525

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Weekly Report: 13th April 2024

Weekly Trend Report

Week Gone By

In the week ended on Friday, 12 April 2024, the S&P BSE Sensex declined 3.32 points to settle at 74,244.90. The Nifty 50 index added 5.7 points or 0.03% to close at 22,519.40.
The BSE Mid-Cap index advanced 0.19% to end at 40,909.03.
The BSE Small-Cap index decreased 0.35% to close at 45,872.07.

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 first quarter gross domestic product (GDP) data will be announced on 16 April 2024.
Japan will announce inflation rate for March on 19 April 2024. US Retail Sales data for March will be declared on 15 April 2024.

Technical Overview

On the price action front, the 50-index commenced the week on a strong note, closing at an all-time high. The index then succumbed to selling pressure as the truncated week progressed and closed in the lower quartile of the trading range adding a distribution day on Friday. It, however, closed 5 points higher than the previous week’s closing. While most indices and sectors remain in a confirmed uptrend on improving momentum, the market breadth pertaining to momentum participation stocks saw a downward-slopping trajectory for the week on subdued market breadth volume. This potentially indicates an interim paucity of demand at higher levels. We anticipate the index to trend sideways unless it decisively reclaims the all-time high mark while continuing to offer opportunities in selected pockets.

Sup: 22500-22300-22100

Res: 22775-22860-23000

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Weekly Report: 30th March 2024

Weekly Trend Report

Week Gone By

In the week ended on Thursday, 28 March 2024, the S&P BSE Sensex gained 819.41 points or 1.13% to settle at 73,651.35. The Nifty 50 Index added 230.15 points or 1.04% to close at 22,326.90.
The BSE Mid-Cap index rose at 1.30% to 39,322.12.
The BSE Small-Cap advanced 0.92% to end at 43,166.34.

Week Ahead

On domestic front, the HSBC manufacturing PMI for march will be declared on 2 April 2024 and HSBC services PMI for March will be declared on 4 April 2024.
Overseas, China will announce the NBS Manufacturing PMI for March on 31st March 2024.
China will announce the Caixin Manufacturing PMI for March on 1 April 2024 .
The US ISM Manufacturing PMI data for November will be announced on 1 April 2024 .
The US Non Farm Payroll and unemployment rates for march will be declared on 5 April 2024.

Technical Overview

The benchmark index commenced the holiday-truncated week under selling pressure, opening 149 points lower on Tuesday; however, with relatively lower volume, it escaped the distribution day. It found modest buying interest near the support of 50DMA and formed consecutive laps, closing the week 230 points higher in the upper quartile of the trading range. The VIX remained muted, and the market breadth regarding momentum participation saw a stronger recovery with supporting market breadth volume. The number of stocks trading above 10, 20, and 50 DMA witnessed gradual improvement. On the derivate front, the 22500CE has witnessed the highest open interest build-up, indicating immediate resistance and with 50DMA, the zone of 21950-21850 offers stronger support. The index is anticipated to trend sideways until the levels are taken out decisively.

Supp:22120-21950-21850

Res: 22525-22650-22860

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Weekly Report: 16th March 2024

Weekly Trend Report

Week Gone By

In the week ended on Thursday, 28 March 2024, the S&P BSE Sensex gained 819.41 points or 1.13% to settle at 73,651.35. The Nifty 50 Index added 230.15 points or 1.04% to close at 22,326.90.
The BSE Mid-Cap index rose at 1.30% to 39,322.12.
The BSE Small-Cap advanced 0.92% to end at 43,166.34.

Week Ahead

On domestic front, the HSBC manufacturing PMI for march will be declared on 2 April 2024 and HSBC services PMI for March will be declared on 4 April 2024.
Overseas, China will announce the NBS Manufacturing PMI for March on 31st March 2024.
China will announce the Caixin Manufacturing PMI for March on 1 April 2024.
The US ISM Manufacturing PMI data for November will be announced on 1 April 2024.
The US Non Farm Payroll and unemployment rates for march will be declared on 5 April 2024.

Technical Overview

Supp:22120-21950-21850

Res: 22525-22650-22860

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Weekly Report: 23rd March 2024

Weekly Trend Report

Week Gone By

In the week ended on Friday, 15 March 2024, the S&P BSE Sensex rose 188.51 points or 0.26% to settle at 72,831.94. The Nifty 50 index gained 73.4 points or 0.33% to close at 22,096,75.
The BSE Mid-Cap index gained 1.44% to end at 38,801.23 whereas the BSE Small-Cap index gained 1.81% to close at 42,771.27..

Week Ahead

Overseas, Japan will announce the Retail Sales Data for February on 29 March 2024.
US Federal Reserve Chairman Jerome Powell is scheduled to speak at an event held by the Federal Reserve of San Franscisco on 29 March 2024.
On the macro front, India’s Infrastructure output data for February will be unveiled on 29 March 2024.

Technical Overview

The benchmark index commenced the week with a muted opening, marked the weekly low at 21710, and observed a counter-trend reclaiming the 50DMA as the week progressed. The index closed 73 points higher from the previous weekly closing. While the uptrend continues to remain under pressure, the weakening market breadth saw a recovery in terms of extending key moving averages and momentum participation. On the derivative front, the strikes of 22100PE added the highest open interest (OI) while 22000PE has seen the highest OI build-up, and coupled with 50DMA, the zone of 21945-22000 now becomes an immediate and a relatively stronger support zone. The 50-index is anticipated to continue to attract further bullish strength, provided the support zone remains intact.

Sup: 21945-21700-21550

Res: 22120-22300-22530

To view the detailed report click here to Download