Weekly Trend Report
- 01/10/2022
- October 3, 2022
Week Gone By
- In the week ended on Friday, 30 September 2022, the Sensex fell 672 points or 1.16% to settle at 57,426.92.The Nifty 50 index slumped 233 points or 1.34% to settle at 17,094.35
- The BSE Mid-Cap index slipped 1.65% to settle at 24,853.94
- The BSE Small-Cap index dropped 1.25% to settle at 28,452.91
Week Ahead
- S&P Global Services PMI for September will be declared on 6 October 2022
- The US ISM Manufacturing PMI data for September will be announced on 3 October 2022
- The US Non Farm Payrolls data for September will be announced on 7 October 2022
Technical Overview
The benchmark index opened by gapping down ~170 points for the week and continued to witness selling oppression in the next three sessions. The index rebounded sharply from the conjunction of multiple supports like the pivot near 16800, 50 WEMA, and 20 WMA managing to reclaim the 200 EMA demarcation. The tepid pullback was arrested near the breakout zone of the double top reversal pattern coupled with the previous gap-down area acting as resistance. Going forward it will be crucial for the index to steer and sustain above the 17330 levels to attract further bullish momentum. The support comes near 17000 – 16800 – 16650 whereas resistance is near 17170 – 17330 – 17420
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