Weekly Trend Report
- 08/10/2022
- October 10, 2022
Week Gone By
- In the week ended on Friday, 7 October 2022, the Sensex gained 764 points or 1.33% to settle at 58,191.29. The Nifty 50 index rose 220 points or 1.29% to settle at 17,314.65
- The BSE Mid-Cap index rose 2.14% to settle at 25,384.80
- The BSE Small-Cap index gained 2.57% to settle at 29,182.93
Week Ahead
- TCS will announce its Q2 results on 10 October. Wipro and Infosys will announce their Q2 results on 12 and 13 October respectively
- The Industrial Production and Manufacturing Production Data for August will be released on 12 October 2022. Inflation rate for September will be declared on the same day
- US will announce inflation rate for September on 14 October 2022.
Technical Overview
The After reclaiming the 200 DEMA in the penultimate trading week, Nifty saw a sharp technical pullback from the said support coupled with 50WEMA. It advanced 573 points crossing above the pivotal resistance of 17330. However, the index pared its gains from highs near 17430 after witnessing selling pressure and slipped below 17330. The index is currently trading within the gap-down area of 17330-17160. Going forward it will be crucial for the index to decisively reclaim 17330 and sustain to attract further bullish momentum. The support comes near 17150 – 16800 – 16340 whereas resistance is near 17330 – 17500 – 17970.
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