NIFTY
Nifty experienced a week marked by volatility, initially exhibiting weakness but finding support at the 20-day Exponential Moving Average (EMA) in the daily chart. Ultimately, the index concluded the week on a positive note, surpassing a sideways range and registering a modest gain of 0.85%. As the new week approaches, the expectation is for a higher opening and a resumption of the upward trajectory. Notably, potential support and resistance levels for the upcoming week are identified at 21500 and 22500, respectively, subsequent to a breakout from the prevailing range.
Nifty50 Weekly Chart
BANK NIFTY:
Nifty Bank commenced the week on a downtrend but rebounded from the psychological support threshold of 47000, ultimately closing above 47700. Despite a marginal weekly decline of 0.93%, the index maintained its position within a trading range. Critical support is discerned at 46900, while a probable resistance zone is observed at 48600.
Bank Nifty Weekly Chart
Top Performing Sector of the Week
Nifty IT (4.79% Up)
– Coforge (8.5%)
– HCL Technologies (7.54%)
– Infosys (5.23%)
Nifty IT Weekly chart
Worst Performing Sector of the Week
Nifty FMCG (-2.05%)
- Emami Ltd (-7.09%)
- United Breweries (-4.92%)
- Nestle (-4.38%)
Nifty FMCG Weekly chart
Key News
- GHCL limited signed two MOUs for investing Rs 3450 crores in Gujarat.
- Larsen & Toubro: Nexus Select Trust likely has signed a preliminary agreement to acquire three malls from Larsen & Toubro in Hyderabad for $300-$350 million.
- ABB India Limited has received an order from Deputy Commissioner of Commercial Taxes, Bengaluru imposing a penalty amounting to Rs 3,71,02,053.
- Tata Power: Tata Power Renewable Energy Ltd, a subsidiary of the company, has signed a Memorandum of Understanding with the Government of Gujarat to develop 10,000 MW of Renewable Energy Power projects across multiple sites in Gujarat.
