Weekly Trend Report
- 13th April, 2024
Week Gone By
- In the week ended on Friday, 12 April 2024, the S&P BSE Sensex declined 3.32 points to settle at 74,244.90. The Nifty 50 index added 5.7 points or 0.03% to close at 22,519.40.
- The BSE Mid-Cap index advanced 0.19% to end at 40,909.03.
- The BSE Small-Cap index decreased 0.35% to close at 45,872.07.
Week Ahead
- On the macro front, India’s Wholesale price index (WPI) inflation data for March is due on 15 April 2024.
- Overseas, China’s first quarter gross domestic product (GDP) data will be announced on 16 April 2024.
- Japan will announce inflation rate for March on 19 April 2024. US Retail Sales data for March will be declared on 15 April 2024.
Technical Overview
On the price action front, the 50-index commenced the week on a strong note, closing at an all-time high. The index then succumbed to selling pressure as the truncated week progressed and closed in the lower quartile of the trading range adding a distribution day on Friday. It, however, closed 5 points higher than the previous week’s closing. While most indices and sectors remain in a confirmed uptrend on improving momentum, the market breadth pertaining to momentum participation stocks saw a downward-slopping trajectory for the week on subdued market breadth volume. This potentially indicates an interim paucity of demand at higher levels. We anticipate the index to trend sideways unless it decisively reclaims the all-time high mark while continuing to offer opportunities in selected pockets.
Sup: 22500-22300-22100
Res: 22775-22860-23000
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