Weekly Trend Report
- 30th March, 2024
Week Gone By
- In the week ended on Thursday, 28 March 2024, the S&P BSE Sensex gained 819.41 points or 1.13% to settle at 73,651.35. The Nifty 50 Index added 230.15 points or 1.04% to close at 22,326.90.
- The BSE Mid-Cap index rose at 1.30% to 39,322.12.
- The BSE Small-Cap advanced 0.92% to end at 43,166.34.
Week Ahead
- On domestic front, the HSBC manufacturing PMI for march will be declared on 2 April 2024 and HSBC services PMI for March will be declared on 4 April 2024.
- Overseas, China will announce the NBS Manufacturing PMI for March on 31st March 2024.
- China will announce the Caixin Manufacturing PMI for March on 1 April 2024 .
- The US ISM Manufacturing PMI data for November will be announced on 1 April 2024 .
- The US Non Farm Payroll and unemployment rates for march will be declared on 5 April 2024.
Technical Overview
The benchmark index commenced the holiday-truncated week under selling pressure, opening 149 points lower on Tuesday; however, with relatively lower volume, it escaped the distribution day. It found modest buying interest near the support of 50DMA and formed consecutive laps, closing the week 230 points higher in the upper quartile of the trading range. The VIX remained muted, and the market breadth regarding momentum participation saw a stronger recovery with supporting market breadth volume. The number of stocks trading above 10, 20, and 50 DMA witnessed gradual improvement. On the derivate front, the 22500CE has witnessed the highest open interest build-up, indicating immediate resistance and with 50DMA, the zone of 21950-21850 offers stronger support. The index is anticipated to trend sideways until the levels are taken out decisively.
Supp:22120-21950-21850
Res: 22525-22650-22860
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