Weekly Report: 24th Dec 22

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 23 December 2022, the Sensex tumbled 1,492.52 points or 2.43% to settle at 59,845.29 .The Nifty 50 index declined 462.20 points or 2.53% to settle at 17,806.80
  • The BSE Mid-Cap index slipped 5.10% to settle at 24,426.79
  • The BSE Small-Cap index slipped 7.67% to settle at 27,252.68
Week Ahead
  • India’s Infrastructure output data for November will be unveiled on 30 December 2022
  • China will announce Industrials Profit data for November on 27 December 2022
  • China will announce the NBS Non Manufacturing PMI for December on 31 December 2022
Technical Overview
The 50 index opened on a subdued note and barring Monday, the index kept closing lower throughout the week on increasing volume and cracked below the key DEMAs of 50 and 100, and 20 WEMA, however on declining implied volatility. It added 3 distribution days in the week gone by, taking the count to 6. On the daily timeframe, the MACD has slipped into the negative territory and RSI has declined to near the oversold zone and the uptrend now remains under pressure. It has immediate support near 17790 off a previous gap-up opening and 200 DEMA trailing near 17420 levels while resistance comes near 18050 – 18170 – 18300.

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