Weekly Trend Report
- 24/09/2022
- September 26, 2022
Week Gone By
- In the week ended on Friday, 23 September 2022, the Sensex tumbled 741.87 points or 1.26% to settle at 58,098.92.The Nifty 50 index slumped 203.50 points or 1.16% to settle at 17,327.35
- The BSE Mid-Cap index slipped 1.12% to settle at 25,271.41
- The BSE Small-Cap index dropped 1.32% to settle at 28,812.76
Week Ahead
- The Reserve Bank of India’s six-member rate setting panel is scheduled to meet during September 28-30 to frame bi-monthly monetary policy.
- China will announce the NBS Manufacturing PMI for September on 30 September 2022.
- The United States Durable Goods Orders for August will be announced on 27 September.
Technical Overview
The head index opened on a positive note, but the tide turned negative in mid-week. The trading week witnessed 4 distribution days and cracked below the 20 DMA on Thursday and the 50 DMA amidst the turmoil on Friday’s trading session. This indicates that the uptrend under is potential pressure. Going forward the index will have to brace the support of 17166 and failing to do so, the price action will validate a potential bearish reversal pattern of double tops. The support comes near 17150 – 16950 – 16800 whereas resistance comes near 17900 – 18280 – 18600
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