Weekly Trend Report
- May 8, 2023
Week Gone By
- In the week ended on Friday, 5 May 2023, the S&P BSE Sensex declined 58.15 points or 0.10% to settle at 61,112.44. The Nifty 50 index added 4 points or 0.02% to close at 18,069.
- The BSE Mid-Cap index advanced 1.41% to settle at 25,851.86.
- The BSE Small-Cap index gained 1.27% to close at 29,283.87.
Week Ahead
- On the domestic macro front, the March 2023 quarterly earnings will continue to remain in focus.
- Coal India will declare its quarterly financial results on 7 May 2023. Canara Bank, UPL will announce their financial results on 8 May 2023. Bosch, Dr Reddy’s Laboratories & Larsen & Toubro will announce their financial results on 10 May 2023
- US will announce inflation data for April on 10 May 2023.
- China will announce inflation rate for April on 11 May 2023.
Technical Overview
Nifty opened for the week on a minor gap-up of 60 points for the week and remained choppy within 225 points of the trading range. The index scaled above the 18250 mark however it failed to sustain at higher levels and pared all the weekly gains as it closed at the support of the gap-up zone near 18065. The VIX surged 12.31% during the week. The zone of 18035-17975 will act as a crucial support zone whereas the 18100-18200 zone as stiff resistance in the week to come and the index is anticipated to attract further bullish momentum on closing and sustaining above the resistance zone.
Support: 18065- 17975-17860
Resistance:18130 – 18200 – 18250
Resistance:18130 – 18200 – 18250
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