Weekly Update

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NIFTY50

Nifty ended the week 1.30% higher. The Nifty index recorded gains in all trading sessions for the second week in a row, resulting in a consecutive rally for a total of nine sessions. With the exception of Nifty IT (-1.47%) and Nifty Media (-0.59%), all sectoral indices ended the week with gains. Nifty Realty (+5.25%) and Nifty Auto (+3.6%) were the primary gainers.

A follow-through strong day (a day where nifty is up by 1.5% and volumes are higher than the last trading session’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 17450 in the upcoming week, with 18250 projected to act as a resistance.

Nifty50 Weekly Chart

BANK NIFTY

Bank Nifty ended 2.66 % higher this week. AU Bank and Kotak Mahindra Bank were the 2 leaders. As we discussed last week, ICICI Bank and Bank of Baroda performed well this week.

For the upcoming week the Bank Nifty index is expected to have a support level of 41000, with 43000 projected to act as a resistance. Important Banks to watch out for the upcoming week are – ICICI Bank and PNB

Bank Nifty Weekly Chart

Top Performing Sector of the Week

 Nifty Realty 5.25% Up

–    Godrej Properties 14.02% Up

–    DLF 7.90% Up

–    Prestige Estate 6.96% Up

Worst Performing Sector of the Week

 Nifty IT 1.47% Down

–    Persistent Systems 3.42% Down

–    LTIM 2.66% Down

–    Infosys 2.30% Down

Key News

• Vedanta’s board approved raising up to Rs 2,100 crore via non-convertible debentures (NCD).
• Rits received an order worth Rs 72 crore for project management consultancy work from Kerala Infrastructure Investment Fund Board.
• Rossari Biotech completed the acquisition of a 100% stake in Tristar Intermediates after buying the remaining 16% stake.
• SRF Ltd (NSE) commenced production of pharma products at its Dahej plant. The project has been capitalized at an aggregate cost of Rs 223 crore.
• Anand Rathi Wealth’s consolidated revenue was up 27% y/y to Rs 143 crore. Profit increased 23.4% y/y to Rs 42.7 crore.
• NTPC Ltd decided to issue unsecured NCDs of Rs 3,000 crore through a private placement at a coupon of 7.35% per annum for a tenor of three years. The company will use the funds for capital expenditure, refinancing of existing loans, and other general corporate purposes.
• Rail Vikas Nigam received a Letter of Award from the North Western Railway for the provision of automatic block signaling. The order worth Rs 63.08 crore will be executed in nine months.
• India’s trade deficit for March widened by 6.5% y/y to $19.7B. Imports fell 7.9% y/y to $58.1B and exports dipped 13.9% y/y to $38.4B.
  

 

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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