Weekly Trend Report
- 19 February 2024
Week Gone By
- In the week ended on Friday, 16 February 2024, the S&P BSE Sensex gained 831.15 points or 1.16% to settle at 72,426.64. The Nifty 50 Index added 258.2 points or 1.19% to close at 22,040.70
- The BSE Mid-Cap index rose at 0.91% to 39,390.08
- The BSE Small-Cap shed 0.02% to end at 45,659.30
Week Ahead
- Overseas, China will announce Loan Prime Rate for 1 year and 5 years on 20th February 2024
- The minutes of the US Federal Open Market Committee’s(FOMC) most recent policy meeting will be released on 22nd February 2024.
Technical Overview
The benchmark index commenced the week in red; however, after managing to escape a distribution day, the price action found positive momentum for the week and closed in the upper quartile of the weekly range. With most sectoral indices continuing to trend in a confirmed uptrend, the % of stocks trading above 20, 50 & 200 DMA saw an improving trajectory compared to the previous two weeks, indicating improving market breadth. This is a positive sign. The VIX cooled off 1.5% during the week. As we advance, the zone of 22050-22125 acts as immediate resistance and the index is anticipated to attract further bullish strength on decisively reclaiming the zone on a closing basis.
Supp:21800-21700-21500
Res: 22125-22200-22350
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