Weekly Trend Report
- 16th March, 2024
Week Gone By
- In the week ended on Friday, 15 March 2024, the S&P BSE Sensex dropped 1475.96 points or 1.90% to settle at 72,843.43. The Nifty 50 index gained 4702 points or 2.00% to close at 22,023,25.
- The BSE Mid-Cap index tumbled 4,92% to end at 38,250.44, The BSE Small-Cap index slumped 5.25% to close at 44,653.57.
Week Ahead
- Overseas, China will announce the Loan Prime Rate for 1 year and 5 years on 20 March 2024.
- The Bank of Japan (BoJ) will announce its interest rate decision on 19 March 2024.
- Japan will announce inflation rate for February on 22 March 2024.
- The Fed will begin Its two-day policy meeting on 19 March, The US Federal Reserve (Fed) will announce its interest rate decision after its two-day policy meeting on 20 March 2024.
Technical Overview
The 50 index commenced the week under selling pressure, broke down the rising wedge pattern, and closed the week showing resilience to the 50DMA after erasing nearly 500 points on the highest volume recorded in the last 3 quarters. Not only did the week see discouraging market breadth, but major sectoral indices also showed early signs of deteriorating momentum. The other broader indices continued to trend in a downswing. This warrants caution, and a breach below the 50DMA will downgrade the status as the current uptrend is under pressure.
Supp: 21900-21650-21450
Res: 22050-22380-22525
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