Weekly Trend Report
- 23 January 2024
Week Gone By
- In the week ended on Friday, 12 January 2024, the S&P BSE Sensex slipped 885.22 points or 1.22% to settle at 71,683.23. The Nifty 50 index gained 255.9 points or 1.17% to close at 21,638.65.
- The BSE Mid-Cap index rose 0.87% to close at 37,875.43.
- The BSE Small-Cap index added 0.14% to end at 44,440.69.
Week Ahead
- United Spirits, Indus Towers will declare their Q3 result on 23 January 2024. Bajaj Auto, DLF, Tata Steel, Tech Mahindra, will unveil results on 24 January 2024. ACC, Cipla, JSW Steel will declare their results on 25 January 2024.
- Overseas, China will announce Loan Prime Rate for 1 year and 5 years on 22 January 2024. The Bank of Japan (Bo) will announce its interest rate decision on 23 January 2024.
- The United States Durable Goods Orders for December will be declared on 25 January 2024.
- In Europe, the European Central Bank (ECB) will announce its interest rate decision on 25 January 2024.
Technical Overview
The weekly Nifty 50 candle implies an engulfing scenario, with price submerging major portion of previous week’s move. This reveals selling pressure, which may persist in the upcoming sessions. While the fragile bias continues to haunt Nifty around 22000 mark, the support area of 21500 -21450 keeps the underlying momentum upbeat. Only an aggressive breakdown beneath this support area could dent the positive sentiment and market could see an intense sell-off. A breakout over 22000 -22200 levels would signal the start of Nifty 50 entering fresh leg of upside.
Support: 21500 -21250 -21000
Resistance: 22000 -22200- 22450
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