Weekly Update

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NIFTY50

The week kicked off with a promising surge in the Nifty index, carrying positive momentum. Thursday witnessed a noteworthy accomplishment as the market closed above 18250. However, profit booking on Friday subdued the overall performance, resulting in a flat ending for the Nifty index by the end of the week.

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

Following a similar trajectory to the Nifty, the Bank Nifty experienced an upward movement until Thursday. However, it couldn’t maintain its momentum on Friday and concluded the week with a negative decline of 1.32%. Notably, HDFC Bank and IndusInd Bank emerged as the key leaders contributing to the fall on Friday.

For the upcoming week, the Bank Nifty index is expected to have a support level of 41800 , with 44000 projected to act as resistance.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Auto 1.20% Up

–    MRF 10.8% Up

–    TVS Motors 6.73% Up

–    Maruti 4.2% Up

Worst Performing Sector of the Week

Nifty Bank 1.32% Down

–    IndusInd Bank 6.9% Down

–    Federal Bank 5.35% Down

–    HDFC Bank 3.67% Down

Key News

• Bharat Forge’s Q4 FY23 revenue from operations grew 1.6% y/y to Rs 3,629. Profit declined 53% y/y to Rs 508.4 crore.
• Federal Bank’s Q4 FY23 revenue increased 38.6% y/y to Rs 5,780.8 crore. Profit jumped 62.4% y/y to Rs 953.9 crore.
• Marico’s Q4 FY23 revenue from operations grew 2.6% y/y to Rs 2,470 crore. Profit was up 5% y/y to Rs 333 crore. It re-appointed Saugata Gupta as MD & CEO for two years.

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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