Weekly Trend Report
- 04th March, 2024
Week Gone By
- In the week ended on Friday, 01 March 2024, the S&P BSE Sensex gained 602.55 points or 0.82% to settle at 73,745.35. The Nifty 50 Index added 126.05 points or 0.57% to close at 22,338.75
- The BSE Mid-Cap index rose at 0.6% to 39,696.49
- The BSE Small-Cap shed 1.09% to end at 45,532.46
Week Ahead
- In the week ended on Friday, 01 March 2024, the S&P BSE Sensex gained 602.55 points or 0.82% to settle at 73,745.35. The Nifty 50 Index added 126.05 points or 0.57% to close at 22,338.75
- The BSE Mid-Cap index rose at 0.6% to 39,696.49
- The BSE Small-Cap shed 1.09% to end at 45,532.46
Technical Overview
The 50 index commenced the week with selling pressure and traded negatively until it bounced back sharply from near the 20DMA on the Friday surging to new life highs of 22419. With this, the index extended its bull run for over 10 consecutive months, with positive momentum worsening. Despite a positive weekly closing, only 50% of the stocks closed above their 20 and 50DMA on lower market breadth volume, indicating a weakening breadth and a higher probability of dwindling breakouts. While the 50 index has scaled to new highs, the small and midcaps are yet to reclaim their shakeout pivots, thereby the largecaps are anticipated to offer more comfort as we advance.
Supp: 22290-22100-21980
Res: 22460-22520-22720
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