Weekly Trend Report
- 21st May 2024
Week Gone By
- In the week ended on Friday, 17 May 2024, the S&P BSE Sensex gained 1,252.56 points or 1.72% to settle at 73,917.03. The Nifty 50 index added 410.9 points or 1.86% to close at 22,466.
- The BSE Mid-Cap index rallied 4.42% to end at 42,841.1. The BSE Small-Cap index declined 4.83% to close at 47,591.67.
Week Ahead
- India’s HSBC composite PMI and Services PMI data for may will be released on 23rd May 2024
- US Federal reserve Chair Jerome Powell is scheduled to deliver a speech on 20th May 2024. The fed have decided to hold interest rates steady at high level for sixth month in a row. Interest is high and job market is strong so fed is not comfortable lowering rates yet. This means borrowing will likely to stay expensive for a while.
- Japan’s balance of trade data is scheduled to be released on 22nd May 2024.
- The US FOMC minutes are scheduled to be released on 22nd May 2024 providing insights into Fed’s recent interest rate decisions and shedding light on their prospective interest rate policies.
- Japan’s Inflation rate for April will be disclosed on 24th May 2024.
Technical Overview
The 50 index commenced the week on a jittery note; however, after finding modest buying interest at the support of the rising channel, the price action witnessed a technical pullback to close in the higher quartile of the weekly trading range with a higher high structure. It closed 440 points higher from its penultimate weekly closing, marginally above the psychological mark of 22500. The week saw improving stock participation and refining momentum market breadth by expanding market breadth volume, indicating potential accumulation. Technically, the zone of 22500-520 holds an overhead resistance zone. It will be crucial for the index to decisively reclaim this zone on a closing basis to continue to attract bullish strength.
Supp: 22300-22150-21820
Res: 22520-22800-22900
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