Weekly Trend Report
- March 6, 2023
Week Gone By
- In the week ended on Friday, 03 March 2023, the Sensex gained 345.04 points or 0.58% to settle at 59,808.97. The Nifty 50 index added 128.55 points or 0.74% to settle at 17,594.35.
- The BSE Mid-Cap index rose 1.73% to settle at 24,595.89.
- The BSE Small-Cap declined 0.77% to settle at 27,846.40.
Week Ahead
- China will disclose balance of trade data for January – February on 07th March 2023.
- US non farm payrolls and unemployment rate for February will be disclosed on 10th March 2023.
- US balance of Trade for January 2023 will be disclosed on 08th March 2023.
Technical Overview
Nifty saw a negative start to the week and largely remained range bound throughout the week on above-average volumes with the pivot near 17430 acting as immediate resistance. The index had immediate support of the falling trendline connecting the intermediate tops, 38.2% retracement level, 50 WEMA, and 200 MA and managed to break above the range on tepid volume. The VIX cooled off by 14% to 12.18 readings which warrants caution. Going forward it will be crucial that index the manages to trail above the 50 WEMA trading near 17460 levels to garner further bullish momentum.
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