Weekly Update

Jun 4, 2022

NIFTY

The markets were in general trending upward throughout the week, and then Friday happened. Market closed marginally lower on Friday but that move is also justified as the 200 moving average line which was a resistance. Nifty was forming a box between the 16680 and 16500 zone for the week.

CNXMIDCAP

Mid Caps fared better during the week, but they too came crashing down as soon as the 200 moving average line was reached near 28690 zone. Coming week would be very decisive if the markets are able to make higher low (which means market should start upward journey before its previous low point of 26485) such a move would generate confidence.

In the coming week we also have RBI Monetary Policy Committee meeting, what is discussed during the meet and its outcome would dictate the way forward.