Weekly Update-09 March 2025

NIFTY50

The index closed the week with a gain of 1.93%, settling at 22,552.50. The week started on a slightly negative note, with the index attempting to hold its crucial support at 22,000. As the week progressed, strong buying interest emerged, leading to a steady uptrend. The broader market also participated in the rally, adding strength to the overall momentum. Stocks from various sectors contributed to the gains, indicating a widespread recovery. Key resistance is seen around 22,800, which needs to be breached for further upside, while support remains near the 22,200 zone.

BANKNIFTY

The index closed the week with a gain of 0.32%, settling at 48,497.50. It started the week on a negative note, attempting to hold the support zone near 47,800. However, as the week progressed, the index remained largely sideways with a slight positive bias but continued to underperform broader markets. Despite the lack of strong momentum, it managed to sustain above key support levels. Going forward, 47,800 remains a crucial support zone, while resistance is seen around 49,000 levels.

Best Performing Sector of the week

The Nifty Metal was best performing sector of this week

Major gainers include:-

Vedanta: up by 12.84%

Tata Steel: up by 10.47%

National Aluminium: up by 9.89%

Hindalco: up by 8.99%

Important News:-

• UBS has maintained a “Buy” rating on Polycab India, setting a target price of ₹5,750, indicating a potential upside of approximately 13.5% from the current market price of ₹5,063.45.

• BSE’s shares plummeted by 9.39% to ₹4,035.10 on Wednesday. The stock has declined nearly 35% from its 52-week high of ₹6,133.40, recorded on January 20, 2025, and is down 30% over the past month.

• MOIL achieved a record manganese ore production of 1.53 lakh tonnes in February 2025. Year-to-date sales have increased by 3%, and exploratory core drilling reached an all-time high, indicating strong operational performance and potential for future growth.

• “The markets are responding to the US tariffs as of now and the reciprocal tariffs are already discounted by the street,” said Shrikant Chouhan, head of research, Kotak Securities. “There is a possibility of the Nifty moving towards 23,000 levels in the near term.”

• It logged its best week in three months, driven by Reliance Industries and metal stocks, aided by bargain buying after three weeks of losses.