Weekly Trend Report
- December 26, 2023
Week Gone By
- In the week ended on Friday, 22 December 2023 , the S&P BSE Sensex shed 376.79 points or 0.53% to settle at 71,106.96. The Nifty 50 index lost 107.25 points or 0.50% to close at 21,349.40.
- The BSE Mid-Cap index declined 0.87% to close at 35,882.68.
- The BSE Small-Cap index fell 0.19% to end at 42,001.75.
Week Ahead
- Industrial On the macro front, the Infrastructure Output data for November will be released on 29 December 2023.
- Overseas, China will announce Industrial Profits data for November on 27 December 2023.
- Japan will announce Industrial Production data for November on 28 December 2023.
Technical Overview
The front-line index trended volatile in the week gone by entering a broad consolidation range of 616 points. The index demonstrated resilience in the last two trading sessions of the week from the key support near 21000 following a sharp sell-off on Wednesday, affirming a bullish sentiment. With Nifty ending its streak of 7 weekly higher closing, the VIX spiked 4.4% during the week. The volatility is anticipated to get in on the act above 14.6 readings. On the derivative front, 21000PE saw the highest open interest build up offering crucial support. All in all, the index is anticipated to attract further bullish strength on a decisive closing above 21490.
Supp: 21280-21100-20920
Res: 21420-21600-21800
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