Weekly Trend Report
Week Gone By
- In the week ended on Friday, 22 July 2023, the S&P BSE Sensex jumped 623.36 points or 0.94% to settle at 66,684.26. The Nifty 50 Index advanced 180.5 points or 0.92% to close at 19,745.00.
- The BSE Mid-Cap index climbed 0.52% to settle at 29,547.28.
- The BSE Small-Cap index rallied 1.32% to close at 34,146.66.
- The US Federal Reserve will announce its interest rate decision on 26 July 2023.
- The European Central Bank (ECB) will announce its interest rate decision on 27 July 2023
- The Bank of Japan (BoJ) will announce its interest rate decision on 28 July 2023
The benchmark index opened on a tepid note for the week following a bullish breakout from the minor base and advanced the first four trading sessions. The index scaled closed to 20000, however, it pared ~247 points from the life-high of 19991 on Friday as the IT index juddered over 4% as Infosys lowered its guidance for FY24. As a result, the index closed the week with an inverted hammer after record- ing the 17th consecutive higher high. The VIX continues to trade at lower levels and it will be crucial that it continues to trail below its 20 WMA currently trading at 12.04 levels to curb any unruly move. All in all, the highsof 19991 is anticipated to act as immediate hurdle whereas the drawdowns are reckoned to be limited to zone of 19500.
To view the detailed report click on the Download Report link below