Weekly Report: 15th May 23

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 12 May 2023, the S&P BSE Sensex surged 973.61 points or 1.59% to settle at 62,027.90. The Nifty 50 index rallied 245.8 points or 1.36% to close at 18,314.80.
  • The BSE Mid-Cap index advanced 1.35% to settle at 26,200.75.
  • The BSE Small-Cap index gained 1.14% to close at 29,616.61.
Week Ahead
  • Overseas, China will announce Industrial Production data for April on 16 May 2023.
  • Japan will announce inflation data for April on 19 May 2023.
  • The US retail sales data for April will be declared on 16 May 2023.
Technical Overview
The head index saw a tepid positive start to the week as it managed to break above the 230 points trading range established in the penultimate week. However, as the week progressed it further entered a narrower range of 178 points for the week and oscillated on below-average volumes with levels of 18350 acting as immediate stiff resistance and now remains at a crucial juncture from a technical standpoint. Technically going forward the zone of 18260-18040 is anticipated to arrest any drawdowns while on the derivative front, the strike of 18200 sees the highest put open interest building up. The upside is anticipated to remain capped in nature with immediate resistance at 18350 followed by 18500 and a meaningful breakout above this zone will attract further bullish strength.
Support: 17250- 17200-17050
Resistance:18350 – 18400 – 18500

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