Weekly Report: 2nd Jan 23

Weekly Trend Report

Week Gone By
  • In the week that ended on Friday, 30 December 2022, the Sensex spurted 2,586.92 points or 4.44% to settle at 60,840.74.The Nifty 50 index advanced 751.25 points or 4.33% to settle at 18,105.30
  • The BSE Mid-Cap index rose 1.38% to settle at 25,314.50
  • The BSE Small-Cap index shed 1.80% to settle at 28,926.79
Week Ahead
  • Indian Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for December starting from 1 Jan 2023
  • On the Macro front, US will announce Manufacturing PMI data for December on 4 January 2023
  • US will announce ISM Non-Manufacturing PMI and Non-Farms payroll data for December on 6 January 2023
Technical Overview
The index opened the week on a positive note and remained strong throughout the week barring the last day, index closed the week with a gain of 1.68%. Nifty rebounded taking support at 20 WEMA, Polarity support and 50% retracement of its prior advance. Thus going ahead index has key support around 17800, failure to hold this support shall encourage a further decline towards 17620-17450. While on the flip side resistance comes at 18230-18400-18600.

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