Weekly Trend Report
- 6th April, 2024
Week Gone By
- In the week ended on Friday, 5 April 2024, the S&P BSE Sensex rose 596.87 points or 0.81% to settle at 74,248.22. The Nifty 50 index added 186.8 points or 0.84% to close at 22,513.70.
- The BSE Mid-Cap index advanced 3.84% to end at 40,830.54.
- The BSE Small-Cap index jumped 6.64% to close at 46,032.71.
Week Ahead
- The Lok Sabha elections 2024 results will declared on 4 June.
- Overseas, China will announce the inflation rate for March on 11 April 2024.
- Japanese Consumer Confidence data for March will be declared on 9 April 2024.
- The US will announce inflation rate for March on 10 April 2024. The US Non Farm Payrolls and Unemployment Rate for March will be disclosed on 5 April 2024.
Technical Overview
The key domestic index witnessed a muted trading week; however, it commenced the new financial year on staggering market breadth. As the price action trended sideways near the life-highs, it printed the highest number of advancers with respect to momentum participation. It also saw an increasing populace of stocks trading above 50 and 20 DMA. All in all, these are classic indications of improving market breadth. On the technical front, the price action has immediate support near the zone of 22300-22250, and sustenance above this zone will allow the index to garner further bullish strength.
Sup: 22350-22250-22000
Res: 22619-22700-22830
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