Weekly Update

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NIFTY50

Nifty closed flat this week. It was a muted week for Nifty as it traded in a narrow range of 200 points. There was a mixed reaction on the sectoral front, with Nifty Realty and Media emerging as the top gainers. On the other hand, Nifty Energy and Nifty Bank were the major decliners.

Currently, the market is attempting 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 18050 in the upcoming week, with 18900 projected to act as resistance.

Nifty50 Weekly Chart

BANK NIFTY

Bank Nifty ended the week flat (-0.18%). Bank Nifty reached its all-time high this week. It started the week on a positive note but faced fluctuations at higher levels, which prevented it from maintaining its initial momentum.

For the upcoming week, the Bank Nifty index is expected to have a support level of 43,400, and there is no resistance for Bank Nifty as it is near its all-time highs.

Bank Nifty Weekly Chart

(Nifty Bank Weekly Chart)

Top Performing Sector of the Week

• Nifty Realty 3.87% Up

–    Sobha 12.41% Up

–    Macrotech Developers 9.29% Up

–    Brigade Ent. 4.57% Up

(Nifty Realty Weekly Chart)

Worst Performing Sector of the Week

• Nifty Energy 1.87% Down

–    Adani Transmission 6.52% Down

–    ONGC 5.53% Down

–    Reliance 2.05% Down

(Nifty Energy Weekly Chart)

Key News

• Bajaj Finance and Toyota Kirloskar Motor have signed an MoU to provide enhanced retail finance options specifically designed to make the process of purchasing a Toyota vehicle more convenient and accessible to customers.
• Interglobe Aviation will start flights to six destinations across Asia and Africa. The company will add 174 new weekly international flights between June and September.
• Bank of Baroda has approved raising additional capital up to Rs 5,000 crore through additional Tier I or Tier II debt capital in FY24.
• Maha.& Maha.Finl.Svs.’s overall disbursement increased 39% year-on-year to Rs 4,150 crore in May. The collection efficiency was 96%, compared to 95% in May 2022.
• Aster DM Healthcare has entered into a hospital operation and management agreement with Padmavathy Medical Foundation, a 130-bed tertiary super-specialty hospital in Sasthamkotta, Kerala.
• India’s coal production grew by 7.1% year-on-year to 76.26 MT in May. The cumulative coal production in April-May FY24 increased to 149.41 MT from 138.41 MT a year ago.

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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