Weekly Report: 22nd Oct 22

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 21 October 2022, the Sensex advanced 1,387.18 points or 2.39% to settle at 59,307.15. The Nifty 50 index gained 390.60 points or 2.27% to settle at 17,576.30.
  • The BSE Mid-Cap index rose 0.39% to settle at 24,805.15
  • The BSE Small-Cap index rose 0.15% to settle at 28,566.82.
Week Ahead
  • The corporate results for the second quarter of the current fiscal (Q2FY23), July to September period, will continue to remain in focus.
  • The Bank of Japan will announce its interest rate decision on 28 October 2022
  • The United States Durable Goods Orders for September will be declared on 27 October 2022.
Technical Overview
Index opened on a positive note after consolidating around 20 WEMA for the past three weeks and ending the week on a strong note. Index has surpassed above 61.8% retracement levels, as well Nifty seen forming Bat harmonic pattern which gets completed around 17950 levels. Thus going forward in the short term, till index holds above 17600, index is expected to head higher towards 17800-18100. Whereas support past 17600 comes at 17480-17200.

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