{"id":13797,"date":"2023-06-03T11:50:12","date_gmt":"2023-06-03T06:20:12","guid":{"rendered":"https:\/\/univest.in\/blogs\/?p=13797"},"modified":"2023-06-03T11:51:03","modified_gmt":"2023-06-03T06:21:03","slug":"weekly-update-16","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/weekly-update-16\/","title":{"rendered":"Weekly Update"},"content":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text css=&#8221;.vc_custom_1685773260206{margin-right: 16px !important;margin-left: 16px !important;border-right-width: 10px !important;border-left-width: 10px !important;}&#8221;]<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-16\/#NIFTY50\" title=\"NIFTY50\">NIFTY50<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-16\/#BANK_NIFTY\" title=\"BANK NIFTY\">BANK NIFTY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-16\/#Top_Performing_Sector_of_the_Week\" title=\"Top Performing Sector of the Week\">Top Performing Sector of the Week<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-16\/#Worst_Performing_Sector_of_the_Week\" title=\"Worst Performing Sector of the Week\">Worst Performing Sector of the Week<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-16\/#Key_News\" title=\"Key News\">Key News<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-16\/#About_the_Author\" title=\"About the Author\">About the Author<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"NIFTY50\"><\/span>NIFTY50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Nifty closed flat this week. It was a muted week for Nifty as it traded in a narrow range of 200 points. There was a mixed reaction on the sectoral front, with Nifty Realty and Media emerging as the top gainers. On the other hand, Nifty Energy and Nifty Bank were the major decliners.<\/p>\n<p>Currently, the market is attempting a rally, but a follow-through strong day (a day where the Nifty is up by 1.5% and volumes are higher than the last trading session&#8217;s volume) will be required to shift the market from neutral to an uptrend. The Nifty index is expected to have a support level of 18050 in the upcoming week, with 18900 projected to act as resistance.<\/p>\n<p><strong>Nifty50 Weekly Chart<\/strong><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-13798\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175048.png\" alt=\"Nifty 50\" width=\"1527\" height=\"784\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175048.png 1527w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175048-300x154.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175048-1024x526.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175048-768x394.png 768w\" sizes=\"(max-width: 1527px) 100vw, 1527px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"BANK_NIFTY\"><\/span><b>BANK NIFTY<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Bank Nifty ended the week flat (-0.18%). Bank Nifty reached its all-time high this week. It started the week on a positive note but faced fluctuations at higher levels, which prevented it from maintaining its initial momentum.<\/p>\n<p>For the upcoming week, the Bank Nifty index is expected to have a support level of 43,400, and there is no resistance for Bank Nifty as it is near its all-time highs.<\/p>\n<p><strong>Bank Nifty Weekly Chart<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-13799\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180205.png\" alt=\"Nifty Bank\" width=\"1529\" height=\"791\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180205.png 1529w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180205-300x155.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180205-1024x530.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180205-768x397.png 768w\" sizes=\"(max-width: 1529px) 100vw, 1529px\" \/><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">(Nifty Bank Weekly Chart)<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Top_Performing_Sector_of_the_Week\"><\/span><b>Top Performing Sector of the Week<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nifty Realty 3.87% Up<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">&#8211;\u00a0 \u00a0 Sobha 12.41% Up<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211;\u00a0 \u00a0 Macrotech Developers 9.29% Up<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211;\u00a0 \u00a0 Brigade Ent. 4.57% Up<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-13800\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175937.png\" alt=\"\" width=\"1529\" height=\"789\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175937.png 1529w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175937-300x155.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175937-1024x528.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-175937-768x396.png 768w\" sizes=\"(max-width: 1529px) 100vw, 1529px\" \/><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">(Nifty Realty Weekly Chart)<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Worst_Performing_Sector_of_the_Week\"><\/span><b>Worst Performing Sector of the Week<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nifty Energy 1.87% Down<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">&#8211;\u00a0 \u00a0 Adani Transmission 6.52% Down<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211;\u00a0 \u00a0 ONGC 5.53% Down<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211;\u00a0 \u00a0 Reliance 2.05% Down<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13801\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180010.png\" alt=\"Nifty \" width=\"1533\" height=\"793\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180010.png 1533w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180010-300x155.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180010-1024x530.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-02-180010-768x397.png 768w\" sizes=\"(max-width: 1533px) 100vw, 1533px\" \/><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">(Nifty Energy Weekly Chart)<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Key_News\"><\/span><b>Key News<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Bajaj Finance and Toyota Kirloskar Motor have signed an MoU to provide enhanced retail finance options specifically designed to make the process of purchasing a Toyota vehicle more convenient and accessible to customers.<\/li>\n<li>Interglobe Aviation will start flights to six destinations across Asia and Africa. The company will add 174 new weekly international flights between June and September.<\/li>\n<li>Bank of Baroda has approved raising additional capital up to Rs 5,000 crore through additional Tier I or Tier II debt capital in FY24.<\/li>\n<li>Maha.&amp; Maha.Finl.Svs.\u2019s overall disbursement increased 39% year-on-year to Rs 4,150 crore in May. The collection efficiency was 96%, compared to 95% in May 2022.<\/li>\n<li>Aster DM Healthcare has entered into a hospital operation and management agreement with Padmavathy Medical Foundation, a 130-bed tertiary super-specialty hospital in Sasthamkotta, Kerala.<\/li>\n<li>India&#8217;s coal production grew by 7.1% year-on-year to 76.26 MT in May. The cumulative coal production in April-May FY24 increased to 149.41 MT from 138.41 MT a year ago.<\/li>\n<\/ul>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"About_the_Author\"><\/span><strong>About the Author<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Sagar Wadhwa<\/p>\n<p>Sagar Wadhwa is a Senior Equity Research Analyst who is a key member of the research team at Univest. He has extensive knowledge and expertise in the stock market, financial analysis, and investing and uses this expertise to provide valuable insights to the research team.<\/p>\n<p>Note \u2013 This channel is for educational and training purposes only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/p>\n<p><em>You may also like: <a href=\"https:\/\/univest.in\/blogs\/will-psu-banks-repeat-their-superlative-performance-in-fy23-in-fy24\/\"><span style=\"font-weight: 400;\">Will PSU Banks repeat their superlative performance in FY23 in FY24?<\/span><\/a><\/em>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text css=&#8221;.vc_custom_1685773260206{margin-right: 16px !important;margin-left: 16px !important;border-right-width: 10px !important;border-left-width: 10px !important;}&#8221;] NIFTY50 Nifty closed flat this week. 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