Weekly Trend Report
- 04/06/2022
- June 4, 2022
Week Gone By
- In the week ended on Friday, 3 June 2022, the Sensex gained 884.57 points or 1.61% to settle at 55,769.23. The Nifty 50 index advanced 231.85 points or 1.42% to settle at 16,584.30.
- The BSE Mid-Cap index rose 1.14% to settle at 22,774.98
- The BSE Small-Cap index gained 2.98% to settle at 26,384.14.
Week Ahead
- The outcome of the Reserve Bank of India’s (RBI) monetary policy meeting and global cues will set the course for the stock market next week.
- Brent crude hovers above $117 per barrel mark. Spike in oil prices raises India’s import bill as the country imports majority of its crude requirements.
- A weak rupee raises the cost of importing crude oil.
Technical Overview
Nifty opened the week on a buoyant note with a breakaway gap, however, it failed to continue on the upside and consolidated in a range defined by the gap area of 16682 – 16484. On Friday the price action managed to break above the mentioned range however it failed to sustain and crawled back into the range with 200 EMA acting as resistance. Going ahead a directional bias can be concluded once Nifty can sustain above 16700 or crack below 16400. The resistance comes near 16680 – 16750 – 16890 whereas support comes near 16480 – 16350 – 16200.
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