Weekly Update

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NIFTY50

Nifty gained 1.36% this week. Regarding the different sectors, there was a combination of gains and losses. Nifty Auto (+4.23%) and Nifty Pvt Bank (+3.38%) showed the most significant increases, while Nifty PSU Bank (-4.28%) and Metal (-2.0%) experienced substantial declines.

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 18700 projected to act as resistance.

Nifty50 Weekly Chart

BANK NIFTY

Following a similar trajectory to the Nifty, the Bank Nifty ended the week with 2.65% gains. The PSU Banks are currently hovering around a support level, which could potentially contribute to a rise in Bank Nifty in the upcoming week.

For the upcoming week, the Bank Nifty index is expected to have a support level of 42500 , with 44500 projected to act as resistance.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Auto 4.23% Up

–    Tata Motors 8.18% Up

–    Eicher Motors 8.08% Up

–    Sonacoms 6.74% Up

Worst Performing Sector of the Week

Nifty PSU Bank 4.28% Down

–    Indian Bank 12.62% Down

–    Bank of India 10.09% Down

–    PNB 7.26% Down

Key News

• Polycab India’s Q4 FY23 revenue grew 9% y/y to Rs 4,320 crore. Profit increased 31% y/y to Rs 425 crore.
• Greaves Cotton (Nse)’s Q4 FY23 revenue increased 33.2% y/y to Rs 827 crore. Profit surged 59.5% y/y to Rs 26.7 crore. EBITDA margin declined to 5.9% from 6.6% a year ago.
• Sapphire Foods India’s Q4 FY23 revenue grew 12.8% y/y to Rs 560.4 crore. Profit surged 413% y/y to Rs 136 crore.
• Hindustan Aeronautics’s Q4 FY23 revenue was up 8.1% y/y to Rs 12,494.6 crore. Profit fell 8.45% y/y to Rs 2,841.3 crore.
• Ambuja Cements places orders to expand clinker capacity by 8 MT at the Bhatapara and Maratha units.
• Cipla’s Q4 FY23 revenue was down 3.1% q/q to Rs 5,740 crore. Profit slumped 35% q/q to Rs 521.5 crore due to a one-time loss of Rs 182 crore, including Yemen ops goodwill impairment.

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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