Weekly Update – 16 August 2024

Posted by : Sheen Hitaishi | Sat Aug 17 2024

Weekly Update – 16 August 2024

NIFTY50

The week began on an anxious note with the cloud of the Hindenburg report over the last weekend. As expected, the markets gave the necessary message that they are no longer going to be swayed by any reports that do not have any basis and are prepared primarily with malicious intent. The Nifty closed Monday on a flat note 24347 signifying no impact of the report. While we experienced marginal weakness over the next two days, the market was closed on Thursday and Friday saw the Nifty open gap up and surge upwards to close the week at 24541, gaining 0.71% on a weekly basis.

For the coming week, the Nifty is expected to remain strong and could test its next resistance level, which now stands at 24800. In the event of weakness due to change in any geopolitical situation or other factors, the Nifty has a strong support at 24300, which is not likely to be broken this week.

Nifty Weekly Chart
Nifty Weekly Chart

BANK NIFTY

The Banknifty index movement was like the Nifty in this week. Starting out on a flat note, closing at 50577 on Monday, it also experienced marginal weakness over the next two days and surged on Friday with an upward movement of 1.6%. The only difference when compared to the Nifty was that the Banknifty closed almost flat on a weekly basis at 50516.

For the coming week, the Banknifty index is expected to show strength and can rally to levels of 51500, either mid-week or towards the end of the week. In case of weakness due to any factors, a strong support exists at 49800, which is not likely to be broken this week.

Banknifty Weekly Chart
Banknifty Weekly Chart

Top Performing Sector of the Week

The Nifty IT index was the top performing sector this week

Major gainers from this sector includes

Mphasis: up by 7%

L&T Tech Services: up by 6.3%

Tech Mahindra: up by 5.2%

Wipro: up by 5.1%

Nifty IT Weekly Chart
Nifty IT Weekly Chart

Worst Performing Sector of the Week

The Nifty PSU Bank index was one of the worst performing sectors this week.

Major losers from this sector include:

Indian Bank: down by 4.8%

Union Bank of India: down by 4.5%

Punjab and Sind Bank: down by 3.9%

Central Bank of India: down by 2.8%

Nifty PSU Bank Index Weekly Chart
Nifty PSU Bank Index Weekly Chart

Important News

  • Disney, Reliance Industries may shut some Hindi, regional channels for CCI merger approval
  • National Insurance Company aims for Rs 100-200 cr profit in FY25
  • Karnataka govt pauses decision for 15 days on PNB and SBI request
  • Urgently need to close $4 trillion financing gap in sustainable development investments, says FM Sitharaman
  • JSW Cement files IPO papers to raise Rs 4,000 crore via fresh issue and OFS
  • Adani Group’s Ambuja Cements completes acquisition of Penna Cement
Weekly Performance
Weekly Performance

 

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