Weekly update

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NIFTY50

Nifty headed higher for all the 5 sessions and ended the week with 2.5% gains. All sectoral indices closed higher for the week, Nifty PSU Bank and Nifty Realty were the 2 top gainers.

A follow-through strong day (a day where the 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 17800 in the upcoming week, with 18500 projected to act as resistance.

Nifty50 Weekly Chart

BANK NIFTY

Similar to Nifty, Bank Nifty also headed higher for all the 5 sessions and ended the week with 2.65% gains. PSU banks outperformed as discussed last week. PSU Banks are still looking attractive at current prices and can lead bank nifty for next week. Some important stocks to watch out for are J & K Bank, PNB and Central Bank of India.

For the upcoming week, the Bank Nifty index is expected to have a support level of 42300 , with 44200 projected to act as resistance.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

• Nifty PSU Bank 7.33% Up
  – Punjab Sind Bank 17.46% Up
  – J & K Bank 16.4% Up
  – Central Bank of India 15.4% Up

Key News

• Supreme Industries’s Q4 FY23 revenue grew 1.6% y/y to Rs 2,598.3 crore. Profit increased 10.9% y/y to Rs 359.4 crore.
• HFCL, along with its material subsidiary HTL, received purchase orders worth Rs 65.7 crore from Reliance Retail for the supply of optical fiber cables to one of the country’s leading private telecom operators.
• Thermax secured an order of Rs 271.5 crore from India’s biggest oil refinery in the private sector.
• Csb Bank’s Q4 FY23 net interest income grew 14.8% y/y to Rs 348.5 crore. Profit increased 19.6% y/y to Rs 156.3 crore. Asset quality improved as GNPA declined to 1.26% from 1.45% and NNPA fell to 0.35% to 0.42% a quarter ago.
• Tata Metaliks (Nse)’s Q4 FY23 revenue increased 14.6% y/y to Rs 926 crore. Profit grew 5.9% y/y to Rs 55.6 crore. EBITDA margin expanded to 10.1% from 7.2% a year ago.
• Cartrade Tech’s Q4 FY23 revenue grew 3.2% y/y to Rs 96 crore. It reported a profit of Rs 15 crore against a net loss of Rs 25.7 crore a year ago.
• Rail Vikas Nigam won an order worth Rs 121 crore from the North-Central railways.
• Irb Infrastructure Developers bagged an order from Hyderabad Metropolitan Development Authority (HMDA).

 

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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