Stock Market Weekly Report

Weekly Report: JULY 15, 2023

Weekly Trend Report

Week Gone By
  • In the week ended on Friday, 14 July 2023, the S&P BSE Sensex jumped 780.45 points or 1.2% to settle at 66,060.90. The Nifty 50 index advanced 232.70 points or 1.20% to close at 19,564.50. 
  • The BSE Mid-Cap index climbed 1.36% to settle at 29,393.00. 
  • The BSE Small-Cap index rallied 1.73% to close at 33,701.90.
Week Ahead
  • Quarterly result updates (Q1FY24) with HDFC Bank, LTIMindtree will unveil their results on 17 July 2023. • Overseas, China will announce GDP growth rate for Q2 on 17 July 2023. 
  • Japan will announce inflation rate for June on 21 July 2023. 


Technical Overview

The benchmark index saw a muted opening and displayed tightness in volatility amidst the brief consolidation of 220 points. The price ac tion edged higher toward the supply zone from 19500-19525 during the week and managed to break out on Friday ushered by short cover ing in the IT sector. With this, the index marked its 16th consecutive higher high. While the breakout came on a relatively lower volume, the daily RSI has also diverged negatively to the price. On the derivative front, the strikes of 19000 and 19500 have seen the building of higher put open interest and call open interest at the strikes of 19600 and 20000. All in all, it will be crucial that the index witnesses a follow through and a decisive close above 19600 whilst managing to sustain above the crucial support of 19500 to attract further bullish momen tum. 

Supp:19500-19300-1900 Res:19600-19800-20000

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