StoxBox Stock Market Weekly Report: 13th February 2024

Weekly Report: 13th February 2024

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 09 February 2024 , the S&P BSE Sensex slipped 490.14 points or 0.68% to settle at 71,595.49. The Nifty 50 index lost 71.3 points or 0.33% to close at 21,782.50.
  • The BSE Mid-Cap index advanced 1.65% to close at 39,569.57.
  • The BSE Small-Cap index decline 0.44% to end at 45,650.30.
Week Ahead
  • On the macro front, the Industrial Production and Manufacturing production data for December will be released on 12 February 2024.
  • US Inflation rate for January will be unveiled on 13th February 2024
  • US Retail Sales for January will be announce on 15 February 2024.
Technical Overview

The 50 index opened on a tepid note, marked its weekly high at 22053, and following the RBI’s monetary policy announcement holding the rates unchanged, the price action plunged 293 points on Thursday and closed the week at 21782. The Friday trading session was more of a scare than a shakeout, and the increasing frequency of such unnerve trading sessions invites a higher probability of a forthcoming pullback. The VIX closed 5.1% higher during the week, which warrants a prudent approach in the coming week. The index is anticipated to offer a directional bias on the break above 22115 or a crack below 21450 levels.

Supp: 21700-21450-21130

Res: 21850-22000-22115

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