Weekly Trend Report
- February 27, 2023
Week Gone By
- In the week ended on Friday, 24 February 2023, the Sensex tumbled 1,538.64 points or 2.52% to settle at 59,463.93. The Nifty 50 index slumped 478.40 points or 2.67% to settle at 17,465.80.
- The BSE Mid-Cap index fell 2.05% to settle at 24,178.73.
- The BSE Small-Cap declined 1.65% to settle at 27,584.59.
Week Ahead
- The government will announce Q4 gross domestic product (GDP) data on 28 February 2023.
- The Unites States Durable Goods Orders for January will be declared on 27 February 2023.
- In Europe, the Euro Area Inflation rate for February will be declared on 2 March 2023.
Technical Overview
Nifty opened the week on a tepid note and remained under pressure throughout the week to end the week with a loss of 2.67%. Index has closed around the confluence of support which includes Anchored VWAP, 50 WEMA and 38.2% retracement level of its prior upmove. Hence, going ahead 17450, shall act as a critical support for the index. Failure to hold the mentioned support will open the way for 17200-17030 levels. Whereas on the opposite side resistance is seen at 17630-17880.
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