Weekly Trend Report
- November 13, 2023
Week Gone By
- In the week ended on Friday, 10 November 2023, the S&P BSE Sensex jumped 540.9 points or 0.84% to settle at 64,904.68. The Nifty 50 index gained 194.75 points or 1.01% to close at 19,425.35.
- The BSE Mid-Cap index rose 2% to close at 31,735.86.
- The BSE Small-Cap index added 1.90% at 37,589.06.
Week Ahead
- On the macro front, India’s inflation rate for October will be unveiled on 13 November 2023.
- India’s inflation based on wholesale price index (WPI) for October will be unveiled on 14 November 2023.
- Þ China will announce the industrial production data for October on 15 November 2023.
- In US, Retail Sales data for October will be announced on 15 November 2023.
- US will announce inflation rate for October on 14 November 2023.
Technical Overview
The benchmark index opened on a buoyant note for the week gapping up nearly 135 points. Moreover, the price action traded in a narrow weekly trading range of 155 points with 78.6% retracement level of its prior swing high and low acting as immediate resistance. Going forward, the zone of 19435-19525 is anticipated to act as an immediate supply zone, and in contrast, the supports have been dragged above to 19330-19235 and sustenance above this zone only will attract further bullish momentum.
Supp: 19330-19235-18120
Res: 19435-19525-19620
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