Weekly Report: 03rd Sep 22

Weekly Trend Report

Week Gone By
  • In the week that ended on Friday, 02 September 2022, the Sensex dropped 30.54 points or 0.05% to settle at 58,803.33. The Nifty 50 index declined 19.45 points or 0.11% to settle at 17,539.45
  • The BSE Mid-Cap index rose 1.37% to settle at 25,463.91
  • The BSE Small-Cap index gained 1.35% to settle at 28,800.82
Week Ahead
  • On the macro front, China will announce the Inflation data for August on 9 September 2022
  • The European Central Bank (ECB) will announce its interest rate decision on 8 September 2022
  • The US ISM Non- Manufacturing PMI data for August will be announced on 6 September 2022
Technical Overview
The index witnessed a bullish breakout decoy and tracked back into the channel making 3 new consecutive weekly lows. The index remained highly volatile throughout the week as it opened with a massive gap-down of 370 points followed by a sharp uptick of 446 points and then remained choppy as the week progressed. The index is trading closer to the channel resistance after it formed a bullish island pattern on the daily timeframe and was bolstered by the shorter-term exponential moving average on the weekly timeframe. The index is likely to attract further bullish momentum on crossing and sustenance above the resistance whilst protecting the levels of the island gap and the moving average near 17150. However, on failing to do so the index can then retest the pivotal support near 16800. The resistance comes near 17800 – 18000 – 18120 whereas the support is near 17300 – 17150 – 16800.

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