Weekly Trend Report
- 13/08/2022
- August 13, 2022
Week Gone By
- In the week ended on Friday, 12 August 2022, the Sensex gained 1074.85 points or 1.84% to settle at 59,462.78. The Nifty 50 index advanced 300.65 points or 1.73% to settle at 17,698.15.
- The BSE Mid-Cap index rose 1.17% to settle at 24,765.05.
- The BSE Small-Cap index gained 1.09% to settle at 27,905.91.
Week Ahead
- On the macro front, China will announce Industrial Production data for July on 15 August 2022
- Japan will announce Inflation Rate for July on 17 August 2022
- In US, Retail Sales data will be announced on 17 August 2022
Technical Overview
Nifty extended its winning streak over fourth consecutive week and ended the week at 4 months high at 17698. In the process index has hit a significant slanting resistance trendline which has acted key resistance earlier. Breakout above the same will be significant, to continue its upward momentum. RSI placed around 60 readings, surpassing above the same shall trigger fresh upward momentum. On the level front, Nifty has an intermediate resistance around 17750-17880-18000. While on the downside support is placed around 17500-17300-17000.
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