Weekly Report: 13th March 23

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 10 March 2023, the Sensex declined 673.84 points or 1.13% to settle at 59,135.13. The Nifty 50 index lost 181.45 points or 1.03% to settle at 17,412.90.
  • The BSE Mid-Cap index rose 0.09% to settle at 24,617.91.
  • The BSE Small-Cap advanced 0.38% to settle at 27,952.11.
Week Ahead
  • US inflation data for February will be unveiled on 14th March 2023.
  • China’s industrial production numbers for January-February will be disclosed on 15th March 2023.
  • Japan’s balance of trade data for February will be unveiled on 16th March 2023.
Technical Overview
Index opened the week on a strong note and witnessed a rally in the first half of the week, while in the last 2 sessions, index pared all its gains to close the week near the lows with a percent loss. Nifty has closed around 38.2% retracement levels of its prior whole advance, which also coincides with 52 WEMA, which has provided critical support historically. Hence, going ahead, failure to move past 17500, would attract further selling pressure dragging index lower till 17270, followed by 17050 and 16830. While, a move past 17500, would attract some upward momentum towards 17630-17780-18000.

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