Weekly Trend Report
- 05 February 2024
Week Gone By
- In the week ended on Friday, 02 February 2024 , the S&P BSE Sensex shed 1,384.96 points or 1.96% to settle at 72,085.63. The Nifty 50 index surged 501.2 points or 2.35% to close at 21,853.80.
- The BSE Mid-Cap index advanced 3.13% to close at 38,928.11.
- The BSE Small-Cap index rose 3.35% to end at 45,849.80.
Week Ahead
- On the macro front, the US ISM Services PMI for January will be released on 5 February 2024.
- China will announce Inflation Rate for January 2024 on 8 February 2024.
Technical Overview
The 50 indexes trended sideways until the penultimate day of the week, with the polarity resistance near 21800 acting as an immediate hurdle. It witnessed a rejection from the new life highs of 2212 and failed to reclaim the new life highs or the previous gap-down area. The VIX inched 6% higher during the week. The bull swing persists in the late stage of mid, small and microcap space as they continue to showcase relative strength compared to the 50 index. Going forward, the zone near 21600 will act as a key immediate support and sustenance above this level on a closing basis will allow the index to attract further bullish strength.
Support: 21800-21600-21400
Resistance: 21950-22125-22360
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