Stock Market Weekly Report

Weekly Report: August 07, 2023

Weekly Trend Report

Week Gone By

In the week ended on Friday, 04 August 2023, the S&P BSE Sensex slipped 438.95 points or 0.66% to settle at 65,721.25. The Nifty 50 Index declined 129.05 points or 0.66% to close at 19,517.00.  

The BSE Mid-Cap index was flat at 30,162.66.  

The BSE Small-Cap index rose 1.51% to close at 35,070.65

Week Ahead

The RBI Governor Shaktikanata Das-led monetary policy committee (MPC) will meet on 8-10 August and the decision will be  announced on 10 August 2023 by the Governor. 

Overseas, China will announce inflation rate for July on 9 August 2023. 

US will announce Inflation Rate and Core Inflation Rate for July on 10 August 2023.

Technical Overview

The onset of trading week took off in green, marked a lower swing high at 19795 and pared 278 points in the corrective rally from  the life-highs of 19991. With this the 50 index has added 4 distribution days in the rally and so the uptrend remains under pressure.  Going forward, the levels of 19400 is reckoned to act as immediate support based on the build-up of the put writing and the  presence of the highest volume-profile node near that level. The smart hands are anticipated to try and defend their positions and  are likely to defer below 19300.  

Res: 19680-19730-19870

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