Weekly Report: 03rd Dec 22

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 02 December 2022, the Sensex gained 574.86 points or 0.92% to settle at 62,868.50. The Nifty 50 index
    advanced 183.35 points or 0.99% to settle at 18,696.10. The two benchmarks hit all-time highs on Thursday.
  • The BSE Mid-Cap index rose 2.84% to settle at 26,321.65.
  • The BSE Small-Cap index gained 2.43% to settle at 29,911.79
Week Ahead
  • RBI is going to present its bi-monthly monetary policy on 7 December 2022.
  • China will announce the inflation rate data for November on 9 December 2022.
  • Euro Zone GDP data for Q3 will be declared on 7 December 2022. US Initial Jobless Claims Data will be announced on 8 December
Technical Overview
Nifty opened on a positive note for the week and saw incremental gains until Thursday’s trading session marking a new life-high at 18887 tracking broader markets. The selling pressure intensified on Friday and ended the week above the 18600 mark which is an immediate and crucial support. The market breadth has begun to improve over the last 3 months. Overall the index showcases strength in the trend, however, a brief consolidation can be on the cards before it continues its upside spree. The support for the week comes near 18670 –18550 – 18350 whereas resistance is near 18780 – 18900 – 18950.

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