Weekly Report: 02nd May 23

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 28 April 2023, the S&P BSE Sensex jumped 1,457.4 points or 2.4% to settle at 61,112.4. The Nifty 50 index advanced 440.9 points or 2.5% to settle at 18,065.
  • The BSE Mid-Cap index added 2.6% to settle at 25,492.4.
  • The BSE Small-Cap index gained 2.4% to close at 28,917.1.
Week Ahead
  • On the domestic macro front, the March 2023 quarterly earnings will continue to remain in focus
  • Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for April on 1 May 2023.
  • S&P Global services PMI for April will be announced on 3 May 2023.
  • Euro Area inflation rate for April will be declared on 2 May 2023. While ECB will announce its interest rate decision on 4 May 2023.
Technical Overview
The 50 index closed on an exuberant note for the month scaling 705 points i.e. ~4%. The price action saw piercing out of a small base pattern and 50% retracement level and saw a follow-through day on tepid volumes on the daily timeframe. The daily RSI is trading marginally in the overbought zone and above the median on the weekly scale. This indicates room for further thrust. However, the price action faces immediate resistance in the zone of 18130—18200 which are previous supply zones. It will be crucial that the index steers clear and sustains above the mentioned zone to attract further bullish momentum.
Support: 17950- 17800-17700
Resistance: 18130 – 18200 – 18450

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