Weekly Report: 16th Jan 23

Weekly Trend Report

Week Gone By
  • In the week that ended on Friday, 13 January 2023, the Sensex lost 360.81 points or 0.60% to settle at 60,261.18. The Nifty 50 index declined 97.15 points or 0.54% to settle at 17,956.60
  • The BSE Mid-Cap index rose 0.02% to settle at 25,170.97
  • The BSE Small-Cap advanced 0.26% to settle at 28,858.30
Week Ahead
  • The Chinese Government is due to release Q4 GDP data along with Industrial Production data for December on 17th January 2023
  • Japan will announce the Inflation rate for December 2022 on 20 January 2023
  • The US Retail Sales for December 2022 will be announced on 18 January 2023
Technical Overview
The 50 index began the week on a higher note, but it kept facing stiff selling pressure from the shorter-term EMAs and edged lower throughout the week. The index breached below the 100 DEMA and undercut the key support levels of 17774 and saw a smart recovery on Friday. On the higher timeframe, the price action has formed a series of inside bars at the support of 20 WEMA indicating a volatility compression. The vicinity of 17774-17850 levels holds a strong support zone by means of 20 WEMA, 100 DEMA, and the previous gap area. Hence as far as Nifty sustains above the said zone there are higher possibilities of the index avoiding any major breakdown and it is anticipated to attract bullish momentum on a decisive close above 18100.

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