StoxBox Technical Analysis Program

Weekly Report: October 07, 2023

Weekly Trend Report

Week Gone By
  •  In the week ended on Friday, 06 October 2023, the S&P BSE Sensex advanced 167.22 points or 0.25% to settle at 65,995.63. The Nifty 50 Index added 15.20 points or 0.08% to close at 19,653.50       
  •  The BSE Mid-Cap index shed 0.81% to close at 32,077.66
  •  The BSE Small-Cap index advanced 0.79% at 37,860.58
Week Ahead
  • The corporate results for the second quarter of the current fiscal (Q2FY24), July to September period, will be in focus.
  • Overseas, the US will announce inflation rate for September on 12 October 2023.
  •  The China US will announce inflation rate for September on 13 October 2023.
Technical Overview

The 50 index opened on a weak note for the truncated week, marked a low of 19333 on Wednesday and witnessed a sharp technical pullback to recover 320 points and closed in the upper quartile of the weekly trading range while reclaiming the 50DMA currently trading near 19607 on Friday. The index has formed a bullish reversal island which indicates the setting up of an intermediate bottom with the level of 19330 to act as relatively stronger pivotal support. The strikes of 19600 have seen the addition of the highest put open interest during the week while on the technical front, the 61.8% retracement level coupled with 50DMA offers immediate support near the levels of 19600. On the upside, 19760 and 19900 are expected to act as resistance.  

Supp: 19550-19430-19330
Res: 19765-19900-19990

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