Weekly Update-21 February 2025

NIFTY50

The index ended the week with a decline of 0.58%, closing at 22,795. The week started on a weak note with a gap down on Monday, but the support near 22,800 triggered a rebound, helping the index close in positive territory. However, for the rest of the week, the index remained largely range-bound, consolidating within a narrow range of approximately 22,900 to 22,700. The market lacked strong directional movement, indicating indecisiveness among investors. Going forward, the key support levels to watch are around 22,500, while immediate resistance is seen near the 23,000 mark.

BANKNIFTY

The index ended the week with a marginal decline of 0.24%, closing at 48,981. The week started on a weak note with a gap down on Monday, but buying interest near the 48,500 support level led to a recovery, helping the index close in the green. However, for the rest of the week, the index remained range-bound, consolidating between 48,500 and 49,600, indicating a lack of strong directional momentum. Looking ahead, key support remains at 48,500, while immediate resistance is seen near the 49,500 mark.

Top Performing Sector of the week

The Nifty Metal was best performing sector for the week

Major gainers include:-

APL Apollo Tubes: up by 14.29%

National Aluminium: up by  10.67%

Sail: up by 6.67%

Vedanta: up by 6.01%

Worst Performing Sector of the week

The Nifty Auto was worst performing sector of this week

Major losers include:-

Mahindra & Mahindra: down by 9.29%

TVS Motor: down by 3.18%

Maruti Suzuki India: down by 2.81%

Bharat Forge: down by 1.8%

Important News:-

• Shares of Mahindra & Mahindra fell by 6% amid concerns over potential government reductions in import duties for electric vehicles, coinciding with Tesla's anticipated entry into the Indian market

• Apple has significantly increased its manufacturing footprint in India, with exports rising substantially. This move aligns with India's "Make in India" initiative and aims to reduce dependence on Chinese manufacturing amid geopolitical tensions.

• Shares of Religare Enterprises soared nearly 19% following the announcement that the Burman family has taken control of the company.

• Adani Green Energy is in discussions with local lenders, including the Power Finance Corporation (PFC), to refinance up to $1.1 billion of its dollar-denominated debt into rupee terms.

• Wipro's shares fell by 2.20% on Friday, underperforming in the IT sector.