Weekly Report: 9th Jan 23

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 06 January 2023, the Sensex lost 940.37 points or 1.55% to settle at 59,900.37.The Nifty 50 index declined 245.85 points or 1.36% to settle at 17,859.45
  • The BSE Mid-Cap index fell by 0.58% to settle at 25,166.71
  • The BSE Small-Cap index slipped 0.50% to settle at 28,783.56
Week Ahead
  • Q3FY23 Results will be in focus with Tata Consultancy Services announcing its results on 9 January 2023
  • US will announce inflation rate for December on 12 January 2023
  • China will announce inflation rate for December on 12 January 2023
Technical Overview
The 50 index opened on a subdued note at the pivotal support of 18100, however with negative slopping 20 DEMA acting as overhead resistance the selling pressure intensified and it plummeted over 380 points from the weekly top. The index managed to sustain above the 17800 mark on declining implied volatility and formed a series of inside bars that indicates volatility compression. The zone of 17900-17800 holds multiple conjunctions of supports like multiple EMAs across timeframes, the previous gap zone, and 23.6% Fibonacci retracement on the daily timeframe and as far as the index manages to sustain above the said zone, it will remain in the attempt rally.

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