Weekly Report: 11th March 2024

Weekly Trend Report

Week Gone By

In the week ended on Friday, 07 March 2024, the S&P BSE Sensex gained 313.24 points or 0.42% to settle at 74,119.39. The Nifty 50 Index added 106.20 points or 0.47% to close at 22,484.60
The BSE Mid-Cap index fell at 0.27% to 39,582.85
The BSE Small-Cap shed 2.61% to end at 44,653.57

Week Ahead

On the macro front, the Industrial Production amd Manufacturing Production Data for January will be released on 12 March 2024
Overseas, China will announce Inflation rate for February on 9 March 2024
The India Government unveil data on inflation based on wholesale price index of February on 14 March 2024

Technical Overview

Following a strong closing in the penultimate week, the previous week saw a muted opening and traded thinly in the range of 300 points without offering any directional bias. Baring the large-cap index, the broader indices continued to trend under pressure, and the week saw underperforming breadth and momentum, with VIX cooling off 9.2%. The 22500CE saw the highest open interest build-up on the derivative front, indicating immediate resistance. The index has immediate support near 22250, and succeeding in showing resilience to drawdowns below this zone will allow the price action to garner further bullish strength.

Supp: 22420-22250-22000

Res: 22500-22700-22850

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