Weekly Trend Report
Week Gone By
➢ In the week ended on Friday, 28 July 2023, the S&P BSE Sensex slipped 524.06 points or 0.79% to settle at 66,160.20. The Nifty 50 Index declined 98.95 points or 0.50% to close at 19,645.05.
➢ The BSE Mid-Cap index rallied 2.07% to settle at 30,159.82.
➢ The BSE Small-Cap index added 1.18% to close at 34,548.46..
➢ Focus will continue to remain on Q1FY24 results
➢ Auto stocks will be in focus with the companies announcing their monthly sales numbers for July on 1 August 2023. ➢ The S&P Global Manufacturing PMI for July will be declared on 1 August 2023.
➢ The US Non Farm Payrolls Data and Unemployment rate for July will be announced on 4 August 2023.
After closing with gains for four consecutive weeks, the benchmark index took a breather on anticipated lines as it dithered in a narrow trading range of 304 points for the week. With this the index marked its first lower high in 17 weeks, however, it continues to trade above the previous week’s low. The highlight of the previous week was that the VIX slid 11.8% to a multi-year low. With weekly RSI trading mildly in the overbought territory at 71.06 reading, the index is anticipated to have formed a temporary top with 19991 to act as key resistance. However, there are no signs of any major drawdowns and with key supports in the zone of 19500- 19420, the trading range is expected to get wider in the coming week.
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