Weekly Trend Report
- 27th April, 2024
Week Gone By
- In the week ended on Friday, 26 April 2024, the S&P BSE Sensex gained 641.83 points to settle at 73,730.16.
- The Nifty 50 index added 272.95 points or 1.23% to close at 22,419.95.
- The BSE Mid-Cap index rallied 3.96% to end at 41,587.77. The BSE Small-Cap index advanced 3.97% to close at 47,239.29.
Week Ahead
- Overseas, the US Federal Reserve (Fed) will announce its interest rate decision after its two-day policy meeting on 1st May, 2024.
- The China will announce the NBS Manufacturing PM for April on 30 April 2024. The Caixin Manufacturing PMI for April will also be declared on the same day.
- The US ISM Manufacturing PMI for April will be declared on 1 May 2024. The US ISM Services PMI for April will be declared on 3
- May 2024. The US Non Farm Payrolls data for April will be announced on 3 May 2024. The US Unemployment Rate data for April will also be announced on the same day
Technical Overview
The The 50 index commenced the week on a gap-up opening, reclaiming the 50DMA following a knee-jerk reaction witnessed during the closing of the penultimate week. The price action trended in the positive direction to close 1.2% higher on a weekly basis, while the VIX plummeted 18.8%. Most broad and sectorial indices are in a confirmed uptrend with improving momentum. On the market breadth front, the populace of stocks trading above 20 and 50DMA are well above the 50% threshold, indicating positive participation of stocks. The momentum breadth remained positive on subdued market breadth volume, indicating lower accumulation than in the previous upswings. Technically, the price action has an immediate support zone from 22300-22230, and sustenance above this zone will allow the index to continue to attract bullish momentum.
Supp: 21900-21650-21450
Res: 22050-22380-22525
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