Weekly Trend Report
- March 20, 2023
Week Gone By
- In the week ended on Friday, 17 March 2023, the Sensex tumbled 1145.23 points or 1.94% to settle at 57,989.90. The Nifty 50 index lost 312.85 points or 1.80% to settle at 17,100.05.
- The BSE Mid-Cap index fell 2.06% to settle at 24,112.01.
- The BSE Small-Cap shed 2.81% to settle at 27,167.74.
Week Ahead
- US Federal Reserve is due to make an Interest Rate Decision on 22 March 2023.
- US Durable Goods Orders for February will be declared on 24 March 2023.
- In Europe, the ZEW Economic Sentiment Index for March will be declared on 21 March 2023.
Technical Overview
The index succumbed to selling pressure immediately on Monday and made a series of new lows until Thursday. The decline was arrested near the support of the falling channel coupled with 100 WMA trading near 17050 and the index saw a tepid pullback on Friday ushering a close above the psychological support of 17K. The FPIs recorded the largest short positions in the week gone by to the tune of 4,56,641 contracts in the F&O segment. Peak short positions of FPIs have often been a lead indicator of market reversals. On the price action front, the index is anticipated to garner bullish strength provided the levels of 17050 remain protected on a weekly closing basis. .
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