Stoxbox Weekly report - 29th January 2024

Weekly Report: 29 January, 2024

Weekly Trend Report

Week Gone By
  • In the week ended on Thursday, 25 January 2024, the S&P BSE Sensex slipped 330.12 points or 0.47% to settle at 70,700.67. The Nifty 50 index slipped 113.80 points or 0.54% to close at 21,352.65.
  • The BSE Mid-Cap index advanced 1.34% to close at 37,746.29.
  • The BSE Small-Cap index added 2.27% to end at 44,363.74.
Week Ahead
  •  Overseas, China will announce NBS Manufacturing PMI for January on 31 January 2024.
  • The US Fed Reserve will announce its Interest Rate decision after its two days policy meeting on 31 January 2024.
  • The US ISM Manufacturing PMI for January will be declared on 1 February 2024
Technical Overview

Despite the 50 index plunging over 550 points in the penultimate week on the highest volume compared to the previous 118 weekly trading sessions, the price action closed above its previous week’s low, failing to show any major follow-through on the downside. The bull swing seems exhaustive in the larger cap indices but persists in the late stage in the mid, small, and microcap space. While the broad indices are yet to exceed the day’s high, many stocks already indicate relative strength. This further validates the broader market’s attempt to show resilience to drawdowns. The zone of 21000-20900 will act as a cardinal support, and sustenance above it on a closing basis will be the key to attracting bullish strength.

Support: 21180-21100-20900

Resistance: 21490-21700-21850

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