Weekly Report: 17th Sep 22

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 16 September 2022, the Sensex tumbled 952.35 points or 1.59% to settle at 58,840.79.The Nifty 50 index slumped 302.5 points or 1.68% to settle at 17,530.85
  • The BSE Mid-Cap index slipped 1.46% to settle at 25,558.21
  • The BSE Small-Cap index dropped 1.12% to settle at 29,199.39
Week Ahead
  • The Federal Open Market Committee (FOMC) , the US Federal Reserve’s policy setting committee will announce its policy decision on 20-21 September.
  • Japan will declare its inflation numbers on 20 September 2022
  • The Bank of Japan ( BOJ) will decide on interest rate on 22 September 2022.
Technical Overview
Index opened on a positive note and scaled higher for the first half of the week hitting 18000 level, while in the last 2 session index lost its prior gains and witnessed sharp selling pressure to end the session near weekly low. Index has formed a bearish engulfing pattern at the resistance suggests caution for an ongoing trend, bearish followup in the coming week will provide the confirmation. Going ahead index has immediate support around 17380-17200-16950. Whereas on the higher side resistance is present at 17850-18050-18300

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