Weekly Note on Market By Mr. Apurva Sheth, Samco Securities
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Weekly Note on Market By Mr. Apurva Sheth, Head of Market Perspectives, Samco Securities.
Expectations of the week
On a macroeconomic front, the upcoming week is expected to be jam-packed for investors. The global markets are likely to dance to the tune of the Inflation figures to be released by the United States and China. Back home, market players will turn to the Indian CPI print for hints about the economy's trajectory. Nifty 50 closed the week at 17,397.5, up by 1.39%.
Technical Outlook
After a remarkable comeback from the bottom of the 15,200 mark in June, it appears like the bulls are running out of steam. On the hourly charts, the Nifty is forming a bearish divergence with the RSI, indicating that the upward momentum is slowing. Throughout the week, the index encountered resistance around 17,500. This level is also expected to act as a resistance in the next week too. On the downside, 17,000 is anticipated to provide significant support for the index.
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