Weekly Trend Report
- February 20, 2023
Week Gone By
- In the week that ended on Friday, 17 February 2023, the Sensex rose 319.87 points or 0.53% to settle at 60,002.57. The Nifty 50 index added 87.70 points or 0.49% to settle at 17,944.20.
- The BSE Mid-Cap index fell 0.82% to settle at 24,685.27.
- The BSE Small-Cap declined 0.77% to settle at 28,046.40.
Week Ahead
- China will announce Loan Prime Rate for 1 year and 5 years on 20th February 2023.
- Japan will announce the Inflation rate for January 2023 on 24 February 2023.
- Japan will announce the Inflation rate for January 2023 on 24 February 2023.
Technical Overview
The pattern analysis on the 50 index shows that it witnessed a failed breakout from a tight consolidation range defined on the budget announcement trading day in the week gone by. Currently, the index has seen multiple resistance points on the daily and weekly chart that are in close proximity and has seen multiple rejections from the levels near 18100 making it a crucial resistance to surpass to attract further bullish momentum. The low level of VIX is a cause of concern and a continuation of this trend can be harmful to the markets. All in all the index is anticipated to continue its pullback direction on crossing above 18100 levels with some spike in volatility.
To view the detailed report click on the Download Report link below
