Weekly Report: 22nd May 23

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 12 May 2023, the S&P BSE Sensex fell 298.22 points or 0.48% to settle at 61,729.68. The Nifty 50 index lost 111.4 points or 0.61% to close at 18,203.40.
  • The BSE Mid-Cap index declined 0.18% to settle at 26,154.36.
  • The BSE Small-Cap index advanced 0.61% to close at 29,796.33.
Week Ahead
  • Overseas, China will announce Loan Prime Rate for 1 year and 5 years on 22 May 2023
  • The US Federal Open Market Committee (FOMC) will release minutes of the recently concluded meeting on 24 May 2023.
  • US Durable Goods Orders data for April will be declared on 26 May 2023.
Technical Overview
Nifty opened the week on a subdued note on Monday and failed to show any directional bias. It succumbed to selling pressure on Tuesday and marked lower lowers throughout the week. With this it ended its 3 week streak of gains. The price action found modest buying interest on Friday from near the support of the median of the Bollinger Band and witnessed a tepid pullback. The index has immediate support in the zone of 18100-18045 and the index is anticipated to garner bullish strength provided the support zone remains intact on the closing basis.
Support: 18045- 17900-17850
Resistance: 18250 – 18300 – 18450

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