NIFTY50
This week, the Nifty began on a weak note, opening gap down on Monday and closing at a lower level for the day. This followed two more days of weakness which saw the Nifty head lower and lower inching close to its previous support levels. On the last trading day of the week, on account of geopolitical news, the Nifty opened gap down and touched its crucial support levels of 21,800. However, within the first hour of trading, the index started moving upwards strongly to end the day at 22,147 marking a gain of 0.7% gain over the previous day.
In all probability, the current down move of the index which began after it had touched all time highs, seems to be over and in the next week, the Nifty is likely to try and move closer to the all time high levels. Even if Nifty displays weakness during the next week, the level of 21,800 will act as a strong support and there is very less chances that this might be broken.
Nifty50 Weekly Chart
BANK NIFTY
The movement of the Banknifty index is like the Nifty with both trading technically in an upward channel, and both the indices testing their respective support levels and making a sharp recovery from the support levels at the end of the week.
Banknifty also started on a week note, opening gap down at the start of the week and traded lower each subsequent day except for the last trading day where it tested the crucial support level of 46,700 and made a gain of 1.07% over the previous day. On a weekly basis, the Banknifty index lost close to 2% this week.
In the coming week, there is a strong possibility of Banknifty trying to test levels of 49,000 towards the end of the week.
Bank Nifty Weekly Chart
Top Performing Sector of the Week
This week no sector made positive gains pointing to an overall weakness this week.
Worst Performing Sector of the Week
- The Nifty IT was one of the worst performing sectors this week.
- Major losers from this sector include:
- LTTS – down by 7.4%
- Mphasis – down by 6.8%
- Infosys – down by 5.0%
- HCL Technologies – down by 4.9%
Nifty IT Weekly Chart
Important News
- HDFC Bank Q4 Results: Net profit jumps marginally to Rs 16,511 crore, NII at Rs 29,007 crore
- Hindustan Zinc: Offer-for-sale announcement from Centre on the cards, says CEO Arun Misra
- Tata Group has sought a formal waiver from RBI to avoid listing Tata Sons, its holding company and non-banking finance firm.
- IRDAI removes upper age limit for buying new health insurance policies, now, those above 65 years too can buy health cover
- Elon Musk confirms his scheduled trip to India is delayed but looks forward to visiting it later this year
- Ultratech Cement to buy 1.1 mtpa grinding unit from India Cements in Maharashtra for Rs 315 crore
- HDFC Bank approves Rs 60,000 crore fund raise via bonds private placement
- ABFRL board approves Madura Fashion business demerger into separate listed entity
