Weekly Report: 10th April 23

Weekly Trend Report

Week Gone By
  • In the week ended on Thursday, 06 April 2023, the S&P BSE Sensex surged 841.45 points or 1.43% to settle at 59,833. The Nifty 50 index jumped 240.1 points or 1.38% to settle at 17,599.15.
  • The BSE Mid-Cap index added 1.19% to settle at 24,351.06.
  • The BSE Small-Cap index gained 2.85% to settle at 27,725.34.
Week Ahead
  • Tata Consultancy Services (TCS) will be in focus ahead of its quarterly result on 12 April 2023 while Infosys will announce its result on 13 April 2023.
  • Overseas, China will announce inflation rate for March on 11 April 2023.
  • The US inflation rate for March will be announced on 12 April 2023.
Technical Overview
The pattern analysis on the weekly chart shows that Nifty witnessed a tepid pullback from the polarity zone, 100WMA, and the falling channel supporting trendline. The index surged 239 points from the previous weekly close on relatively lesser volume in the truncated week gone by and trails below the pattern resistance with immediate support at 50 WMA near 17330. On the contrary, the volatility made a new low of 11.80 readings as it plunged 8.8% which is a concern as this invites a probability for an unruly move hence managing risk on long positions will be cardinal. It is to be noted that the coming week remains shortened as well with Friday being a trading holiday. On the price action front, the index is anticipated to garner further bullish strength to push above the channel provided the level 17300 remains intact on a weekly closing basis.

To view the detailed report click on the Download Report link below