Weekly Update-13 December 2024

NIFTY50

The Nifty index concluded the week ending December 13 on a positive note, gaining nearly 0.9% to close at 24,768. The week’s trading remained largely sideways, with minimal directional movement for most of the sessions. However, Friday brought significant volatility.

The day began with a sharp decline, with the index testing a key support zone near the 24,200 level. This drop was met with strong buying interest, triggering a dramatic reversal. A surge in short covering fueled an upward momentum, enabling Nifty to recoup its earlier losses and close the session on a robust positive note, just shy of the 24,800 mark.

Looking ahead, the immediate resistance level is at 24,850, which marks a previous high. A decisive breakout above this level could propel the index toward the psychological milestone of 25,000 and potentially beyond. On the downside, the major support zone for the upcoming week is positioned around 24,500, which may act as a safety net for the bulls if selling pressure resumes.

BANK NIFTY

The Bank Nifty index ended the week of December 13 on a positive note, gaining around 0.7% to close near the 53,600 level. The first four trading sessions were largely sideways, with minimal movement on either side. However, Friday brought significant volatility, reflecting broader market trends.

In the first half of Friday’s session, selling pressure in both private and PSU banks led to some key levels being breached. Nervousness dominated, but the trend reversed sharply in the second half. Strong buying interest, led by HDFC Bank and ICICI Bank, pushed the index into the green by the close.

For the coming week, immediate resistance is at 53,900, and a breakout above this could signal further upside. Key support is at 53,000, which will be crucial for maintaining the bullish momentum.

Top Performing Sector of the week

The Nifty IT was best performing sector of the week 

Major gainers include:-

LTIMindtree : up by 5.26%

Persistent: up by 4.91%

Coforge: up by 4.49%

Wipro: up by 4.24%

Worst Performing Sector of the week

The Nifty Media was worst performing sector this week

Major losers from sector include:- 

Tips Music: down by 7.79%

Zee Entertainment: down by 7.56%

PVR Inox: down by 5.99%

Sun Tv: down by 5.60%

Important News:-

• Several IPOs were launched, including Toss The Coin, Purple United Sales, and Supreme Facility Management. These companies aim to raise capital for business expansion, technological upgrades, and working capital needs. For instance, Toss The Coin seeks ₹9.17 crore, while Supreme Facility Management plans to raise ₹50 crore through its offering.

• Tata Motors announced that Jaguar Land Rover (JLR) plans to double its EV production at its Solihull plant, reflecting its commitment to sustainable mobilityrategic Partnerships and Agreements.

• PSU Banks gained momentum after a sluggish start to the week. Key performers included State Bank of India and Bank of Baroda.

• HDFC Bank and ICICI Bank led the market recovery after initial selling pressure earlier in the week.

• Yash Highvoltage Ltd. also launched its SME IPO on December 12, focusing on funding a new factory for specialized transformer bushings manufacturing.