Weekly Trend Report
- April 17, 2023
Week Gone By
- In the week ended on Thursday, 13 April 2023, the S&P BSE Sensex jumped 598.03 points or 1% to settle at 60,431. The Nifty 50 index advanced 228.85 points or 1.30% to settle at 17,828.
- The BSE Mid-Cap index added 1.52% to settle at 24,720.57.
- The BSE Small-Cap index gained 1.53% to close at 28,149.58.
Week Ahead
- On the domestic macro front, HCL Technologies will declare its quarterly financial results on 20 April 2023.
- Overseas, China’s first quarter gross domestic product (GDP) data will be announced on 18 April 2023. China will also announce industrial production data for March on 18 April 2023.
- Japan will announce inflation rate for March on 21 April 2023.
- US will announce retail sales for March on 14 April 2023.
Technical Overview
The pattern analysis on the weekly chart shows that Nifty witnessed a tepid pullback from the polarity zone, 100WMA, and the falling channel supporting trendline. The index surged 239 points from the previous weekly close on relatively lesser volume in the truncated week gone by and trails below the pattern resistance with immediate support at 50 WMA near 17330. On the contrary, the volatility made a new low of 11.80 readings as it plunged 8.8% which is a concern as this invites a probability for an unruly move hence managing risk on long positions will be cardinal. It is to be noted that the coming week remains shortened as well with Friday being a trading holiday. On the price action front, the index is anticipated to garner further bullish strength to push above the channel provided the level 17300 remains intact on a weekly closing basis.
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