Weekly Trend Report
- June 12, 2023
Week Gone By
- In the week ended on Friday, 09 June 2023, the S&P BSE Sensex jumped 78.52 points or 0.13% to settle at 62,625.6. The Nifty 50
Index added 29.30 points or 0.16% to close at 18,563.40. - The BSE Mid-Cap index rallied 0.82% to settle at 27,518.19.
- The BSE Small-Cap index rose 1.64% to close at 31,391.99.
Week Ahead
- Overseas, China will also announce industrial production data for May on 15 June 2023.
- The US Federal Reserve (Fed) will announce its interest rate decision after its two-day policy meeting on 14 June 2023.
- The European Central Bank (ECB) will announce its interest rate decision on 15 June 2023.
Technical Overview
Nifty faces an immediate hurdle in the zone of 18,810-18,750 ahead of the all-time pivotal resistance at 18,777. The resistance
zone formerly marked exhaustion ahead of the prior declining trend from the ATH of 18,777 to 16,828. The current move has been
arrested near the resistance zone and formed a bearish harami candle pattern coupled with the RSI on the daily timeframe
diverging against the price and the Midcap and Smallcaps cooling off after peaking in the overbought zone. This indicates an
intermediate top formation. The primary trend remains healthy, however, considering the stupendous rise from the March lows, the
index is anticipated to take a breather and garner further bullish strength with crucial support near 18,450 before it resumes its up
move towards 19,000 and 19,200.
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