Weekly Trend Report
- August, 2023
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.
Supp:19400-19300-19180
Res: 19680-19730-19870
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