Weekly Report: 3rd April 23

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 31 March 2023, the S&P BSE Sensex surged 1,464.42 points or 2.55% to settle at 58,991.52. The Nifty 50 index jumped 414.70 points or 2.45% to settle at 17,359.05.
  • The BSE Mid-Cap index added 1.83% to settle at 24,065.59.
  • The BSE Small-Cap index declined 0.71% to settle at 26,957.01.
Week Ahead
  • On the domestic macro front, S&P Global Manufacturing PMI for March will be declared on 3 April 2023. S&P Global Services PMI for March will be declared on 5 April 2023.
  • Overseas, China will announce the Caixin Manufacturing PMI for March on 3 April 2023.
  • The US ISM Manufacturing PMI for March will be declared on 3 April 2023.
Technical Overview
Nifty saw a positive start to the week and closed on a cheerful note for the financial year 2022-23. It traded sideways for the week forming a base within the support of a previous gap-up zone and eventually took out the lateral range with 17100 levels acting as immediate resistance on upbeat volume on Friday on the back of heavy short recovering from the lower level. This also indicates at buyers gradually attempting to steal the sellers’ strength for the first time amidst the hostile market environment. The pattern analysis of the weekly chart shows Nifty rebounding sharply after taking support on the falling channel and reclaiming the 100 and 50 WMA. The monthly closing also came to a notch higher above its 20 MMA with a long doji candle showing indecision amidst the corrective trend. The coming week remains a truncated one with just 3 trading sessions in the week. Going forward it will be crucial that the index continues to sustain above 17200 levels to attract further bullish strength.

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