Weekly Trend Report
- 10/09/2022
- September 12, 2022
Week Gone By
- In the week ended on Friday, 09 September 2022, the Sensex rose 989.81 points or 1.68% to settle at 59,793.14.The Nifty 50 index
gained 293.90 points or 1.68% to settle at 17,833.35 - The BSE Mid-Cap index rose 1.86% to settle at 25,937.22
- The BSE Small-Cap index gained 2.53% to settle at 29,528.74
Week Ahead
- India’s Inflation based on wholesale price Index (WPI) for August will be declared on 14 September, 2022
- The United States will declare its Inflation data for August on 13 September, 2022
- China will announce Industrial Production data for August on 16 September, 2022
Technical Overview
The previous gap-down area defined by the levels of 17475 – 17180 coupled with the shorter term EMA underpinned a sharp technical pullback such that the head index managed to close above the channel. This indicates a stronger base going forward. Nifty faces immediate overhead pivotal resistance at 17992 and sustenance above the same can attract further bullish momentum. The support comes near 17750 – 17450 – 17150 whereas resistance is near 18000 – 18120 – 18350.
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