{"id":14110,"date":"2023-09-10T09:44:58","date_gmt":"2023-09-10T04:14:58","guid":{"rendered":"https:\/\/univest.in\/blogs\/?p=14110"},"modified":"2023-09-10T09:48:00","modified_gmt":"2023-09-10T04:18:00","slug":"weekly-update-08-september-2023","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/weekly-update-08-september-2023\/","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_1694319371033{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-08-september-2023\/#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-08-september-2023\/#Nifty50_Weekly_Chart\" title=\"Nifty50 Weekly Chart\">Nifty50 Weekly Chart<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-08-september-2023\/#BANK_NIFTY\" title=\"BANK NIFTY\">BANK NIFTY<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-08-september-2023\/#Bank_Nifty_Weekly_Charts\" title=\"Bank Nifty Weekly Charts\">Bank Nifty Weekly Charts<\/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-08-september-2023\/#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-6\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-08-september-2023\/#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-7\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-08-september-2023\/#G20_Summit_Update\" title=\"G20 Summit Update\">G20 Summit Update<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/weekly-update-08-september-2023\/#Important_News\" title=\"Important News\">Important News<\/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>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.<\/p>\n<p>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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Nifty50_Weekly_Chart\"><\/span><strong>Nifty50 Weekly Chart<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-14111\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/09\/NIFTY_2023-09-09_17-58-02.png\" alt=\"Nifty 50\" width=\"1438\" height=\"764\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/NIFTY_2023-09-09_17-58-02.png 1438w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/NIFTY_2023-09-09_17-58-02-300x159.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/NIFTY_2023-09-09_17-58-02-1024x544.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/NIFTY_2023-09-09_17-58-02-768x408.png 768w\" sizes=\"(max-width: 1438px) 100vw, 1438px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"BANK_NIFTY\"><\/span>BANK NIFTY<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bank_Nifty_Weekly_Charts\"><\/span>Bank Nifty Weekly Charts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-14112\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/09\/BANKNIFTY_2023-09-09_18-00-11.png\" alt=\"Bank Nifty\" width=\"1438\" height=\"767\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/BANKNIFTY_2023-09-09_18-00-11.png 1438w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/BANKNIFTY_2023-09-09_18-00-11-300x160.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/BANKNIFTY_2023-09-09_18-00-11-1024x546.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/BANKNIFTY_2023-09-09_18-00-11-768x410.png 768w\" sizes=\"(max-width: 1438px) 100vw, 1438px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Top_Performing_Sector_of_the_Week\"><\/span>Top Performing Sector of the Week<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This week\u2019s top performing sector was the Nifty PSE Index (Public Sector Enterprises)<br \/>\nMajor gainer from this index include:<\/p>\n<ul>\n<li>Coal India \u2013 up by 19.1%<\/li>\n<li>PFC \u2013 up by 18.5%<\/li>\n<li>REC \u2013 up by 13.1%<\/li>\n<li>NMDC \u2013 up by 9.1%<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Nifty PSE Index Weekly Chart<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-14113\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/09\/CNXPSE_2023-09-09_18-01-03.png\" alt=\"CNXPSE\" width=\"1439\" height=\"763\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/CNXPSE_2023-09-09_18-01-03.png 1439w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/CNXPSE_2023-09-09_18-01-03-300x159.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/CNXPSE_2023-09-09_18-01-03-1024x543.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/CNXPSE_2023-09-09_18-01-03-768x407.png 768w\" sizes=\"(max-width: 1439px) 100vw, 1439px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Worst_Performing_Sector_of_the_Week\"><\/span>Worst Performing Sector of the Week<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>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.<br \/>\nMajor losers from this sector include:<\/p>\n<ul>\n<li>Mahindra &amp; Mahindra \u2013 down by 1.5%<\/li>\n<li>Eicher Motors \u2013 down by 0.9%<\/li>\n<li>Ashok Leyland \u2013 down by 0.3%<\/li>\n<\/ul>\n<p><strong>Nifty Auto Weekly Chart<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-14114\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/09\/CNXAUTO_2023-09-09_18-01-35.png\" alt=\"Nifty Auto\" width=\"1438\" height=\"764\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/CNXAUTO_2023-09-09_18-01-35.png 1438w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/CNXAUTO_2023-09-09_18-01-35-300x159.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/CNXAUTO_2023-09-09_18-01-35-1024x544.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/09\/CNXAUTO_2023-09-09_18-01-35-768x408.png 768w\" sizes=\"(max-width: 1438px) 100vw, 1438px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"G20_Summit_Update\"><\/span>G20 Summit Update<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>India Succeeds in Helping African Union Join G20, PM Modi Welcomes AU as a Permanent Member<\/li>\n<li>The New Delhi Leaders&#8217; Declaration of G20 countries on September 9 asserted that today&#8217;s era should not be of war and called on all states to uphold the principles of international law including territorial integrity and sovereignty.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Important_News\"><\/span><strong>Important News<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>NVIDIA partners with Reliance and Tata Group to build AI Infra in India<\/li>\n<li>SBI plans to raise $750 million via overseas bond issues<\/li>\n<li>Ola Electric Mobility Pvt. Ltd has signed an agreement to raise $140 million from existing investors including Temasek Holdings<\/li>\n<li>Kahan Packaging IPO sees highest-ever subscription among SMEs with IPO oversubscribed 690 times.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>ABOUT THE AUTHOR<\/strong><\/p>\n<p>Ketan Sonalkar (SEBI Rgn No INA000011255 )<\/p>\n<p>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.<\/p>\n<p>Note \u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/p>\n<p>You may also like: <a href=\"https:\/\/univest.in\/blogs\/weekly-update-27\/\">Weekly Update[<\/a>\/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; 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css=&#8221;.vc_custom_1694319371033{margin-right: 16px !important;margin-left: 16px !important;border-right-width: 10px !important;border-left-width: 10px !important;}&#8221;] NIFTY50 This week, the Nifty gained 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