The 50 index opened on a volatile note for the week and continued to wane its gain from the life highs at 18887, however on relatively moderate volumes. The index saw a sharp sell-off on Friday and the move was arrested at 20 DEMA ending the week with 200 points in red.
On the higher timeframe, the index traded largely within previous week’s trading range and found support at 5WEMA. The index is following a 11 a week cycle and is currently trading in the later half indicating at brief consolidation in the week to come. The support for the week comes near 18350 – 18250 – 18100 whereas resistance is near 18700 – 18800 – 18900.
Overview of the week gone by:
- In the week ended on Friday, 09 December 2022, the Sensex declined 686.83 points or 1.09% to settle at 62,181.67. The Nifty 50 index declined 199.5 points or 1.07% to settle at 18,496.60.
- The BSE Mid-Cap index shed 0.86% to settle at 26,095.56
- The BSE Small-Cap index fell 1.18% to settle at 29,558.56
What awaits in the week ahead?
- US will announce inflation rate for November on 13 December 2022
- China will announce the industrial production data for November on 15 December 2022
- US Federal Reserve will announce its interest rate decision after its two day policy meeting on 15 December 2022
