Stock Market Weekly Report-08 January 2024

Weekly Report: 08 January, 2024

Weekly Trend Report

Week Gone By
  •  In the week ended on Friday, 05 January 2024 , the S&P BSE Sensex shed 214.11 points or 0.30% to settle at 72,026.15. The Nifty 50 index lost 20.6 points or 0.09% to close at 21,710.80.
  • The BSE Mid-Cap index advanced 2.35% to close at 37,706.55.
  • The BSE Small-Cap index rose 2.68% to end at 43,819.39.
Week Ahead
  • On the macro front, the USA Inflation Rate for December will be released on 11 January 2024.
  • Overseas, Europe will announce Retail Sales  for November on 8 January 2024.
  • China will announce New Yuan Loans for December on 10 January 2024.
Technical Overview

The benchmark index started the week on a positive note and marked new life-highs followed by two consecutive distribution days. However, the index rebounded in the final two trading sessions of the week and saw the weekly closing on an indecision note failing to offer any directional bias. On the derivative front, the strike of 21800 added the highest call open interest indicating immediate resistance. The levels of 21550-21450 offer immediate support and sustenance above this zone on a closing basis, the index is anticipated to garner bullish strength.

Supp: 21450-21250-21000  

Res: 21800-21850-2200

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