Weekly Trend Report
- September 09, 2023
Week Gone By
- In the week ended on Friday, 08 September 2023, the S&P BSE Sensex surged 1211.75 points or 1.85% to settle at 66,598.91. The Nifty 50 Index advanced 384.65 points or 1.98% to close at 19,819.95.
- The BSE Mid-Cap index advanced 3.93% to close at 32,672.
- The BSE Small-Cap index gained 2.26% to close at 38,266.53.
Week Ahead
- On the macro front, India’s industrial production data for July will be declared on 12 September 2023. The inflation rate for August will be announced on the same day.
- Overseas, China will announce the inflation rate for August on 9 September 2023.
- In the US, the inflation rate for August will be announced on 13 September.
Technical Overview
The 50 index closed higher on all five trading sessions in the previous week as the investors generated even modest buying interest after reclaiming the 50 DMA. The index ascended 2% in the week while the VIX cooled off 4.3%, however, the undercurrent in the markets remains strong. With this, the price action has now dragged their support higher to 19650-19500. The trading week saw a larger addition in the call open interest in the 20000. On the price action front, the levels of 19990 and 20250 are anticipated to act as potential resistance in the week to come.
Supp:19680-19500-19250
Res: 19890-19990-20250
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