Weekly Trend Report
- June 24, 2023
Week Gone By
- In In the week ended on Friday, 23 June 2023, the S&P BSE Sensex declined 405.21 points or 0.64%to settle at 62,979.37. TheNifty index shed 160.50 points or 0.85% to close at 18,665.50.
- The BSE Mid-Cap index slipped 1.25% to settle at 27,977.34.
- The BSE Small-Cap index fell 0.93% to close at 31,991.18.
Week Ahead
- The domestic stock market will remain shut on 28 June 2023 on account of Bakri-Id.
- Overseas, China will announce the NBS Manufacturing PMI for June on 30 June 2023
- Japan will announce Consumer Confidence data for June on 29 June 2023.
- The United States Durable Goods Orders for May will be declared on 27 June 2023
Technical Overview
The stupendous rise of 1526 points from the March closing was arrested at the pivotal resistance of the life-highs at 18887. Theindex pared nearly 221 points after retesting the resistance twice during the week. On the positive side, the weekly timeframe continued its 12 consecutive streak of higher highs and lows and the drawdowns that came in the week gone by were on relatively lower volumes. It holds stiff support near the support zone of 18600 coupled with pivotal support and a shorter-term moving average. The index is anticipated to attract further bullish momentum provided the support zone remains intact on a weekly closing basis.
Supp: 18600-18530-18450
Res: 18780-18887-19000
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