Weekly Update

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NIFTY50

Nifty gained 1.63% this week. Nifty started the week on a positive note and sustained its gain throughout the week. Barring Financial Nifty sector, all sectors closed in green this week. Nifty Metal and Nifty Pharma were the 2 leaders.

Currently Market is trying to attempt a rally but 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 18200 in the upcoming week, with 18900 projected to act as resistance.

Nifty50 Weekly Chart

BANK NIFTY

Bank Nifty ended the week Flat (0.11% positive). Some pressure was seen in Bank Nifty during the week but in the last session Bank nifty recovered its losses and closed flat to positive.
For the upcoming week, the Bank Nifty index is expected to have a support level of 43400 and there is no resistance for Bank Nifty as it is near its all time highs.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Metal 5.65% Up

–    Adani Ent 30.08% Up

–    Vedl 5.56% Up

–    HindCopper 5.22% Up

Worst Performing Sector of the Week

Nifty Financial Service 0.26% Down

–    HDFC 2.23% Down

–    HDFC Bank 1.89% Down

–    ICICI Bank 0.38% Down

Key News

• N C L Industries Q4 FY23 revenue was up 8.8% y/y to Rs 484.8 crore. Net profit declined 37.2% y/y to Rs 9.8 crore.
• Info Edge (India) (Nse)’s Q4 FY23 revenue was up 1.6% y/y to Rs 564 crore. It reported a profit of Rs 178.9 crore against a loss of Rs 84.2 crore in Q4 FY22.
• Mahindra & Mahindra’s Q4 FY23 revenue grew 31% y/y to Rs 22,571.4 crore. Profit was up 22.1% y/y to Rs 1,549 crore.
• Samvardhana Motherson International’s Q4 FY23 revenue grew 30.4% y/y to Rs 22,476.8 crore. Profit surged 436% y/y to Rs 654 crore.
• Mphasis (Nse) announced a strategic partnership with Kore.ai, the world’s leading enterprise conversational AI platform and solutions company. The partnership aims to bolster its offerings to transform customer experience management and employee engagement for their enterprise clients.
• Grasim Industries’ Q4 FY23 revenue was up 4.2% y/y to Rs 6,645.8 crore. Profit declined 88.5% y/y to Rs 93.5 crore.

 

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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