Weekly Trend Report
- 27th May 2024
Week Gone By
- In the week ended on Friday, 24 May 2024, the S&P BSE Sensex tumbled 1,404.45 points or 1.90% to settle at 75,410.39. The Nifty 50 index dropped 455.10 points or 2.02% to close at 22,957.10.
- The BSE Mid-Cap index advanced 1.1% to end at 43,519.44.
- The BSE Small-Cap index rose 0.08% to close at 47,996.45.
Week Ahead
- India GDP growth rate will be released on May 31,2024
- US GDP growth rate QoQ 2nd estimate to be released on May 30, 2024.
- Japan’s Consumer Confidence data for the May will be released on May 29, 2024.
Technical Overview
This week, the 50 index continued its momentum amidst the pullback rally from the channel’s support. It continued the streak of 10 higher high trading sessions and closed the truncated week in the upper quartile of the trading range after recording fresh life-highs of 23026. Volatility, too, remained at elevated levels. The price action is trading at a distance of 2.3% from the mean on weakening market breadth. The populace of stocks trading above 10 and 20 daily MAs dropped below their 50% threshold, indicating a frail intermediate trend, and the momentum breadth waned on expanding market breadth volume, indicating selective accumulation. The index is anticipated to consolidate as we approach the election result, and drawdowns restricting up to 50 daily MA currently trading near 22342 will act as an opportunity to capitalize on dips.
Sup: 22750-22500-22350
Res: 23050-23180-23380
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