Weekly Trend Report
Week Gone By
- In the week ended on Friday, 17 November 2023, the S&P BSE Sensex jumped 890.05 points or 1.37% to settle at 65,794.73. The Nifty 50 gained 306.45 points or 1.58% to close at 19,731.80.
- The BSE Midcap index advanced 2.5% to close at 33,850.58.
- The BSE Smallcap index rallied 3.18% to end at 39,598.63.
On the political front, the outcome of assembly elections in five state will be closely watched.
Overseas, China will announce Loan Prime Rate for 1 year and 5 years on 20th November 2023.
Japan will announce inflation rate for October on 24 November 2023.
The United States Durable Goods Orders for October will be declared on 22 November 2023.
The 50-index opened on a jittery note following the Muhurat trading for the week. It retrieved its bullish strength from the weekly low of 19414 to pullback 460 points, however, the polarity level near 19850 acting as strong supply zone impeded the weekly rally yet another time. On the derivative front, 19800 CE mounted the highest open interest during the week. All in all, it will be crucial for the index to steer clear above the zone of 19850-19900 decisively on a weekly closing basis to attract further bullish strength until then we reiterate a cautious approach.
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