Weekly Update

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NIFTY50

 

The Nifty index maintained a relatively stable position throughout the week, experiencing marginal fluctuations. The index exhibited gains during the initial three trading sessions, which were subsequently diminished during the final two sessions. It is noteworthy that the index consistently traded above its 21-day moving average throughout the week. The Nifty ended the week near its lowest point, which suggests that we should be cautious.

In terms of sectoral performance, there was a mixed outcome. Notably, Nifty Auto and Energy emerged as the top performers, whereas Nifty IT and Nifty PSU Bank experienced significant declines.

Currently, the market is attempting a rally, but a follow-through strong day 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 (0.12% positive). Bank Nifty made an inside candle this week. Similar to Nifty, Bank Nifty started the week on a positive note but was not able to sustain in the last two trading sessions. Bank Nifty is trading in a range of 44500 and 43700. A break on either side can lead to good momentum.

For the upcoming week, the Bank Nifty index is expected to have a support level of 43400, and on the flip side, 45000 is expected to act as resistance.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Auto 1.65% Up

• TATA Motors 4.93% Up
• Ashok Leyland 4.24% Up
• Bharat Forge 3.38% Up

 

Worst Performing Sector of the Week

Nifty IT 3.32% Down

• Mphasis 8.15% Down
• Persistence System 6.5% Down
• Tech Mahindra 5.35 % Down

 

Key News:

• Hazoor Multi Projects has received work commencement approval from BSCPL-GVPR Engineers Ltd (JV) for the construction of an access-controlled Nagpur-Mumbai Communication Expressway in Nasik, worth Rs 119.18 crore.
• Premier Explosives has received two orders worth Rs 57 crore.
• State Bank Of India has received approval to raise funds up to Rs 50,000 crore by issuing debt instruments through private placement mode to Indian and/or overseas investors during FY24. This is subject to the GOI approval wherever required.
• Maruti Suzuki India has introduced the Tour H1, India’s most fuel-efficient entry-level commercial hatchback. It offers fresh new exteriors, spacious interiors, enhanced comfort, convenience, and safety features.

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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