Weekly Trend Report
- 23rd March, 2024
Week Gone By
- In the week ended on Friday, 15 March 2024, the S&P BSE Sensex rose 188.51 points or 0.26% to settle at 72,831.94. The Nifty 50 index gained 73.4 points or 0.33% to close at 22,096,75.
- The BSE Mid-Cap index gained 1.44% to end at 38,801.23 whereas the BSE Small-Cap index gained 1.81% to close at 42,771.27..
Week Ahead
- Overseas, Japan will announce the Retail Sales Data for February on 29 March 2024.
- US Federal Reserve Chairman Jerome Powell is scheduled to speak at an event held by the Federal Reserve of San Franscisco on 29 March 2024.
- On the macro front, India’s Infrastructure output data for February will be unveiled on 29 March 2024.
Technical Overview
The benchmark index commenced the week with a muted opening, marked the weekly low at 21710, and observed a counter-trend reclaiming the 50DMA as the week progressed. The index closed 73 points higher from the previous weekly closing. While the uptrend continues to remain under pressure, the weakening market breadth saw a recovery in terms of extending key moving averages and momentum participation. On the derivative front, the strikes of 22100PE added the highest open interest (OI) while 22000PE has seen the highest OI build-up, and coupled with 50DMA, the zone of 21945-22000 now becomes an immediate and a relatively stronger support zone. The 50-index is anticipated to continue to attract further bullish strength, provided the support zone remains intact.
Sup: 21945-21700-21550
Res: 22120-22300-22530
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