Weekly Update

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NIFTY50

Nifty traded within a narrow range throughout the week and concluded 0.45% lower. It began the week on a muted note but wrapped up the week at its lower levels. On the sectoral front, Nifty Media and PSU Bank saw significant gains, while Nifty Bank experienced a major decline.

Currently, the market is under pressure as the number of distribution days has reached 5. Thursday marked a volume distribution day. The market could enter a downtrend if the count of volume distribution days increases to 7-8. On the contrary, the market is currently trading near its support zone at 19,300. We anticipate a potential market rebound from this level.

The immediate support from here is 19,300, and following that, 18,900 will be considered a strong support level. The resistance is expected at 19,800.

Nifty50 Weekly Chart

BANK NIFTY

The Bank Nifty concluded the week as a major decliner, incurring losses of 1.52%. It faced pressure from the beginning of the week and closed the week on a lower note, accentuating its negative stance. For the Nifty to find support from this point onwards, the Bank Nifty needs to take the lead.

Looking ahead to the upcoming week, the Bank Nifty index is expected to find support at the 43,400 level, with 45,400 acting as the resistance.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

• Nifty Media 7.46% Up

–    Zeel 15.60% Up

–    Dish Tv 11.75% Up

–    TV18Broadcast 10.18% Up

Worst Performing Sector of the Week

• Nifty Bank 1.52% Down

–    Au Bank 4.59% Down

–    Kotak Bank 2.56% Down

–    HDFC Bank 2.02 % Down

Key Results & News

• Ttk Prestige’s Q1 FY24 revenue was down 7% y/y to Rs 588 crore. Profit fell 9% y/y to Rs 48 crore. EBITDA margin declined 140bps y/y to 29.6%.
• Beml’s Q1 FY24 revenue was down 14% y/y to Rs 577 crore. Its loss narrowed down to Rs 75 crore from Rs 82.4 crore a year ago.
• Vinati Organics’s Q1 FY24 revenue was down 14.4% y/y to Rs 431 crore. Profit declined 27.7% y/y to Rs 83.2 crore. EBITDA margin declined to 25.3% from 30.2% a year ago.
• Apollo Hosps.Enterprise’s Q1 FY24 revenue was up 16.4% y/y to Rs 4,417.8 crore. Profit declined 46.5% y/y to Rs 173.4 crore.
• Godrej Industries’s Q1 FY24 revenue was up 12% y/y to Rs 4,505.7 crore. Profit fell 12.7% y/y to Rs 178.1 crore.
• Zydus Lifesciences’s Q1 FY24 revenue increased 29.6% y/y to Rs 5,139.6 crore. Profit surged 109.7% y/y to Rs 1,086.9 crore.

 

About the Author

Sagar Wadhwa

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.

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

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