Weekly Trend Report
- October 28, 2023
Week Gone By
- In the week ended on Friday, 27 October 2023, the S&P BSE Sensex dropped 1,614.82 points or 2.47% to settle at 63,782.70. The Nifty 50 Index lost 495.40 points or 2.53% to close at 19,047.25
- The BSE Mid-Cap index shed 2.41% to close at 31,112.51.
- The BSE Small-Cap index slipped 3.43% at 36,888.03
Week Ahead
- The US Federal Reserve will announce its interest rate decision after its two day policy meeting on 1 November 2023.
- The Bank of Japan (BoJ) will announce its interest rate decision on 31 October 2023.
- China will announce the NBS Manufacturing PMI for October on 31 October 2023.
Technical Overview
The benchmark index started the week on a negative note breaching below the 100 DMA and the oppression continued for the next 2 trading sessions. However, the drawdowns showed resilience to 200 DEMA, and the week ended on a mild short recovery note rebounding from the average line. With this, the resistance has been dragged further lower to the zone of 19330-19235 and the index is anticipated to attract any bullish strength on reclaiming this zone decisively on a weekly closing basis. On the contrary, the levels of 18830 and 18600 are anticipated to act as strong support and a breach below this zone will invite further selling pressure.
Supp:18830-18600-18500
Res:19070-19230-19335
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