Weekly Trend Report
- January 30, 2023
Week Gone By
- In the week ended on Friday, 27 January 2023, the Sensex lost 1,290.87 points or 2.18% to settle at 59,330.90. The Nifty 50 index dropped 423.30 points or 2.40% to settle at 17,604.35.
- The BSE Mid-Cap index fell 2.74% to settle at 24,338.84
- The BSE Small-Cap index declined 3.64% to settle at 27,623.85
Week Ahead
- Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2023-24 in Parliament on February 1
- Q3FY23 Results will continue to remain in focus for the week
- The US Federal Reserve will announce its interest rate decision on February 1
Technical Overview
The 50 index remained jittery amidst a highly volatile and eventful week ahead of the Union Budget. The pattern analysis on the weekly chart shows that Nifty has violated two crucial supports of 20 WEMA and 100 DEMA with an engulfing candle pattern and in turn has dragged the resistances lower making the correction even more cogent. The market status has now shifted to a downtrend as it breached below the recent correction low near 17660 in the week gone by. It holds major support at 200 DEMA and the recently violated supports are anticipated to act as immediate resistance hence it will be crucial for the index to take out the zone of 17900-18100 convincingly to attract bullish momentum.
To view the detailed report click on the Download Report link below
