Weekly Report: 06th Feb 23

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 03 February 2023, the Sensex gained 1,510.98 points or 2.55% to settle at 60,841.88.The Nifty 50 index advanced 249.70 points or 1.42% to settle at 17,854.05
  • The BSE Mid-Cap index rose 0.45% to settle at 24,448.01
  • The BSE Small-Cap index rose 0.86% to settle at 27,862.68
Week Ahead
  • Q3FY23 Results will continue to remain in focus for the week
  • The next RBI policy review is scheduled during 6 to 8 January 2023
  • China will announce the inflation rate for January 2023 on 10 February 2023
Technical Overview
Nifty remained highly volatile amidst a turbulent week trading in a 618 points range on relatively higher volumes throughout the week. The index opened saw a jittery start to the week ahead of the Union Budget while it strained out on the event day also owing to a bearish reaction on the Adani Group stocks. However, the support of 100 DEMA, 50 WEMA, pivot, and 38.2% retracement level bolstered a technical pullback which led to incremental gains in the last 2 trading sessions allowing the index to close the week in green and reclaim the 20 WEMA. The VIX cooled off by ~17% and IV by 34% indicating lesser unruly moves like that in the previous week. It will be crucial for the index to sustain above 17430 levels to attract bullish momentum going forward.

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