Weekly Report: 17th Dec 22

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 16 December 2022, the Sensex tumbled 843.86 points or 1.36% to settle at 61,337.81 .The Nifty 50 index declined 227.6 points or 1.23% to settle at 18,269.00
  • The BSE Mid-Cap index slipped 1.37% to settle at 25,739.21
  • The BSE Small-Cap index slipped 0.14% to settle at 29,516.75
Week Ahead
  • The Bank of Japan will announce its interest rate decision on 20 December 2022
  • Japan will announce inflation rate for November on 23 December 2022
  • The United States Durable Goods Orders for November will be declared on 23 December 2022
Technical Overview
Nifty opened the week on the negative note but quickly in the fast half recovered strongly, however in the second half index witnessed profit taking at higher levels erasing its early gains to end the week around the weekly low with the loss of 0.79%. On the daily chart, index has witnessed breakdown from Head and Shoulder price pattern denoting caution at on going trend for short term. RSI has surpassed beneath rising trendline highlighting price losing momentum. Going ahead index has an intermediate support at 18180-17980-17800.Whereas on the flip side resistance is placed around 18400-18530-18750.

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