Weekly Trend Report
- 28/05/2022
- May 28, 2022
Week Gone By
- In the week ended on Friday, 27 May 2022, the Sensex gained 558.27 points or 1.03% to settle at 54,884.66. The Nifty 50 index advanced 86.30 points or 0.53% to settle at 16,352.45 advanced 484 points or 3.07% to settle at 16,266.15.
- The BSE Mid-Cap index rose 10.89 points or 0.05% to settle at 22,517.74.
- The BSE Small-Cap index fell 729.72 points or 2.77% to settle at 25,621.57
Week Ahead
- On the macro front, S&P Global Manufacturing PMI for May will be declared on 1 June 2022.
- The S&P Global Composite PMI and the S&P Global Services PMI for May will be declared on 3 June 2022.
- Trend in global stock markets, the movement of rupee against the dollar and crude oil prices will dictate trend on the bourse s in the
near term.
Technical Overview
Nifty saw series of decline as the trading week started, however, on declining volumes. Thursday trading session saw a buoyant turnaround and continued to move up on Friday ending with 1.13% weekly gains. The index has broadly formed a trading range between 15700 -16400 and any sustainable directional bias can be concluded only after either of these levels is taken out. Going ahead Nifty faces resistance near 16420 – 16685 – 16750 whereas support comes in at 16170 – 16000 – 15900.
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