Weekly Trend Report
- 07/05/2022
- May 7, 2022
Week Gone By
- In the week ended on Friday, 6 May 2022, the Sensex lost 2,225.29.28 points or 3.9% to settle at 54,835.58. The Nifty 50 index dropped 691.30 points or 4.04% to settle at 16,411.25.
- The BSE Mid-Cap index lost 1280.43 or 5.28% to settle at 23,129.61.
- The BSE Small-Cap decline 1519.51 points or 5.31% to settle at 27,092.41.
Week Ahead
- On the macro front, the Industrial Production and Manufacturing Production data for March will be released on 12 May 2022.
- Trend in global stock markets, the movement of rupee against the dollar and crude oil pieces will dictate trend on the bourse s in the near term.
- Investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will be monitored.
Technical Overview
Index opened the week with gap down and remained under pressure throughout the week closing the week with 4% loss. Index has broken intermediate support which is bearish sign for short term trend. Going forward index has an key support at 16230, failure to defend this support will open the way for 15900-15700. While on the higher side resistance is placed at 16600-16900-17180.
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