Stock Market Weekly Analysis Report

Weekly Report: 15 January, 2024

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 12 January 2024 , the S&P BSE Sensex advanced 542.3 points or 0.75% to settle at 72,568.45. The Nifty 50 index added 183.75 points or 0.85% to close at 21,894.55.
  • The BSE Mid-Cap index advanced 0.45% to close at 37,875.43.
  • The BSE Small-Cap index rose 1.56% to end at 44,503.70.
Week Ahead
  • On the macro front, wholesale price index (WPI) inflation for December is due on 15th January 2024.
  • Overseas, the Chinese government is due to released Q4 GDP and industrial production data on 17 January 2024.
  • Japan will announce inflation rate for December on 19 January 2024. The US retail sales for December will be announced on 17 January 2024.
Technical Overview

The index opened the week and trended sideways following the formation of a bearish engulfing pattern, however, the price action showed resilience to follow through the candle pattern throughout the week. The index rebounded sharply from the support of 20DMA resulting in a small bullish flag breakout which indicates potential signs of trend continuation. On the derivative front, the 21700PE strike added the highest open interest. With this, the supports are now dragged to the higher levels of 21700-21600 and sustenance above this zone on a closing basis will aid in garnering further bullish strength.

Supp: 21800-21700-21600

Res: 21900-22000-22200


To view the detailed report click here to   Download