Weekly Trend Report
- December 11, 2023
Week Gone By
- In the week ended on Friday, 08 December 2023, the S&P BSE Sensex gained 2344.41 points or 3.47% to settle at 69,825.60. The Nifty 50 Index jumped 701.50 points or 3.46% to close at 20,969.40.
- The BSE Mid-Cap index rose at 2.04% to 35,290.91.
- The BSE Small-Cap advanced 1.33% to end at 41,104.37.
Week Ahead
- Industrial production and manufacturing production data for October will be released on 12th December 2023 and inflation data for November will be released on the same day. Wholesale price index (WPI) inflation data for November is due on 14th December 2023.
- Overseas, China will announce the inflation rate data for November on 9th December 2023 and will also announce the industrial production data and retail sales data on 15th December 2023.
- The US will announce the inflation rate for November on 12th December 2023. The retail sales data for November will be announced on 14th December 2023.
- The US Federal reserve will announce its interest rate decision after its 2 day policy meeting on 13th December 2023
- The Bank of England will announce its interest rate decision on 14th December 2023.
Technical Overview
The week gone by witnessed a buoyant start to the week gapping up 334 points as the street cheered BJP’s stellar win in 3 out 5 state elections. The subsequent trading sessions traded higher and Nifty 50 marked a new life high of 21006. The VIX remained protean however it witnessed a muted closing. The index is anticipated to remain range bound provided the VIX surpasses 14.46 readings on a weekly closing. On the contrary, the bullish momentum is anticipated to continue further provided the immediate support near 20700 remains intact on a closing basis.
Supp:20855-20680-20500
Res: 21000-21200-21600
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