Weekly Update

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text css=”.vc_custom_1694319371033{margin-right: 16px !important;margin-left: 16px !important;border-right-width: 10px !important;border-left-width: 10px !important;}”]

NIFTY50

This week, the Nifty gained 2% and closed at its highest-ever weekly closing level of 19,819, just shy of reaching the magical figure of 20,000. Throughout the week, the Nifty closed positively for all five trading days, starting with a 0.48% gain on Monday, after opening at a level of 19,525. It closed the week on a strong note.

Looking ahead to the next week, we can expect the Nifty to continue its upward trend. The current chart structure suggests a higher likelihood of the Nifty moving higher rather than testing its previous support level. On the upside, it has the potential to reach levels of 20,400 by the end of the week. However, if it shows weakness during the week, it could test its support level of 19,500.

Nifty50 Weekly Chart

BANK NIFTY

BankNifty gained 1.62% this week, closing at 45,156. However, unlike the Nifty, it has not yet crossed its previous weekly high of 46,075 from two months ago. It started the week on a weak note, trading in the negative until the middle of the week. The total gain of 1.62% came from the sharp upward movement on Thursday and Friday.

For the upcoming week, BankNifty appears strong and may reach new highs, possibly surpassing the 46,000 level. In case it shows weakness in the middle of the week, it could test 44,600. However, the probability of testing a new high remains higher.

Bank Nifty Weekly Charts

Top Performing Sector of the Week

This week’s top performing sector was the Nifty PSE Index (Public Sector Enterprises)
Major gainer from this index include:

• Coal India – up by 19.1%
• PFC – up by 18.5%
• REC – up by 13.1%
• NMDC – up by 9.1%

Nifty PSE Index Weekly Chart

Worst Performing Sector of the Week

Though no sector can be called the weakest sector this week as all sectoral indices closed the week with a gain, the Auto sector was slightly weaker than the others. The underperforming stocks in this sector lost less than 2% this week.
Major losers from this sector include:

• Mahindra & Mahindra – down by 1.5%
• Eicher Motors – down by 0.9%
• Ashok Leyland – down by 0.3%

Nifty Auto Weekly Chart

G20 Summit Update

• India Succeeds in Helping African Union Join G20, PM Modi Welcomes AU as a Permanent Member
• The New Delhi Leaders’ Declaration of G20 countries on September 9 asserted that today’s era should not be of war and called on all states to uphold the principles of international law including territorial integrity and sovereignty.

Important News

• NVIDIA partners with Reliance and Tata Group to build AI Infra in India
• SBI plans to raise $750 million via overseas bond issues
• Ola Electric Mobility Pvt. Ltd has signed an agreement to raise $140 million from existing investors including Temasek Holdings
• Kahan Packaging IPO sees highest-ever subscription among SMEs with IPO oversubscribed 690 times.

ABOUT THE AUTHOR

Ketan Sonalkar (SEBI Rgn No INA000011255 )

Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.

Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

You may also like: Weekly Update[/vc_column_text][/vc_column][/vc_row]