Weekly Trend Report
Week Gone By
⇒ In the week ended on Friday, 11 August 2023, the S&P BSE Sensex slipped 398.60 points or 0.61% to settle at 65,322.65 The Nifty 50 Index lost 88.70 points or 0.45% to close at 19,428.30.
⇒ The BSE Mid-Cap index rose 0.88% to 30,429.56
⇒ The BSE Small-Cap index rose 0.63% to close at 35,290.61.
⇒ India’s inflation rate for July will be announced on 14 August 2023.
⇒ Japan will announce inflation rate for July on 18 August 2023.
⇒ US Retail Sales data for July will be announced on 15 August 2023
As the uptrend remains under pressure, the benchmark index saw corrective bouts during the week and increased the distribution tally to 5 on Thursday’s closing in the previous week. With this, the index has dragged its resistance to the zone of 19730 – 19500. The VIX surged 9% during the week, however, it continues to trade at lower levels with 20WEMA trading at 11.71 acting as an immediate hindrance which is a positive sign. We reckon the zone of 19000 to bolster support for the negative slopping price trend based on the derivative option data and price action front and anticipate the price trend to resume its upside on taking out the zone of 19730-19990.
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