Weekly Update

NIFTY:

The market commenced the week on a neutral note, ultimately closing near a historic high, buoyed by a declining India VIX that sustained bullish momentum. The week also saw a series of back-to-back doji candles, signaling a sense of indecisiveness among both bulls and bears regarding the forthcoming market trend.

Throughout the week, the index exhibited a pattern of higher highs and higher lows, steadfastly maintaining its position above crucial moving averages. 

This resilience translated into a 0.51% gain for the week, underscored by the formation of a bullish candlestick pattern, indicative of robust buying interest at lower levels. There is a likelihood of further strength in the upcoming week, with support identified at 22,000 and an attempt to breach the psychological hurdle at 21,500. 

As per the options data, maximum Call open interest is observed at 23,000, followed by 22,800 and 22,600, while maximum Put open interest is concentrated at 22,400, followed by 22,300. 

Nifty50 Weekly Chart

BANK NIFTY:

Nifty Bank showcased notable outperformance throughout the week, culminating in a minor profit booking during the final trading session, resulting in a weekly gain of 1.16%. Impressively, the index has achieved a positive weekly close for four consecutive weeks. 

The index is approaching its weekly hurdle and going forward, the immediate resistance is noted at 48,600, followed by a significant hurdle at 49,000. A potential support level is identified at 47,300.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty PSU Bank 3.1%

-Union Bank 7%

-Bank of India 6.83%

-Bank of Baroda 3.74%

Nifty PSU Bank chart

Worst Performing Sector of the Week

Nifty Media -3.27%

-Network 18 -11.42%

-TV 18 Broadcast -10.44

-Nazara Technologies -9.7%

Nifty Media Weekly chart

Key News

• Rail Vikas Nigam bags an order of Rs 251 crore from Madhya Pradesh Poorkshetra VidyutVitaran Company Ltd. Jabalpur.
• Avenue Supermarts has opened a new store at Chettipunniyam, Chennai (Tamil Nadu). The total number of stores as on date stands at 348.
• H.G. Infra Engineering has been declared as L-1 bidder by NHAI for a road project of Rs 690 crore. 
• Macrotech Developers has successfully raised Rs 3300 crore equity through QIP. 
• Titagarh railsystems has accepted the offer from the Railway Board for manufacture and supply of 4463 BOSM wagons for a contract value of Rs 690 crore.