Weekly Trend Report
- 12/03/2022
- March 12, 2022
Week Gone By
- In the week ended on Friday, 11 March 2022, the S&P BSE Sensex gained 1,216..49 points or 2.24% to settle at 54,550.30. The Nifty 50 index added 385.1 points or 2.37% to settle at 16,630.45.
- The BSE Mid-Cap index rose 3.06% to settle at 23,309.95.
- The BSE Small-Cap index advanced 3.25% to settle at 27,141.43
Week Ahead
- Local stocks are likely to remain volatile amid the ongoing Russia-Ukraine crisis.
- On the economic front, India’s industrial production data for January will be unveiled after market hours on Friday 11 March 2022.
- Overseas, Japan will announce inflation rate for February on 18 March 2022.
Technical Overview
Index opened the week with wide gap down but reversed smartly from the lows to end the week near the weekly highs with decent gains. Index has formed bullish engulfing candlestick pattern, positive followup price action next week will confirm the pattern. Going ahead index has an immediate resistance around 16800, sustenance above the same will open the way for 17100-17400. While on the other hand support comes at 16400-16120-15800.
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