Weekly Update

Posted by : Sheen Hitaishi | Sun Jun 18 2023

Weekly Update

NIFTY50

Nifty started the week positively, with the exception of Thursday’s session. The index concluded each trading session on a positive note, inching closer to its all-time high by a mere 61 points. All sectoral indices witnessed gains, except for Nifty Bank, which experienced a slight decline. Notably, Nifty Realty and FMCG emerged as the top performers.

Currently, the market is attempting a rally. If Nifty crosses its previous high of 18887, the market will shift its status to a Confirmed Uptrend. The Nifty index is expected to have a support level of 18430 in the upcoming week, with 19250 projected to act as resistance.

Nifty50 Weekly Chart

Nifty

BANK NIFTY

Bank Nifty ended the week flat, with a negative change of 0.12%. It started the week on a flat note, and on Thursday, we observed some profit booking in Bank Nifty. However, on Friday, the index saw a sharp recovery. The next momentum in Bank Nifty is expected above 44444 which could push it to the 45000 level.

For the upcoming week, the Bank Nifty index is expected to have a support level of 42800. On the flip side, 45000 is likely to act as resistance.

Bank Nifty Weekly Chart

Nifty

Top Performing Sector of the Week

Nifty Realty 3.74% Up

–    Godrej Properties 7.46% Up

–    Prestige Estate 7.14% Up

–    Brigade 6.02% Up

Nifty realty

(Nifty Realty Weekly Chart)

Worst Performing Sector of the Week

Nifty Bank 0.12% Down

–    SBIN 1.29%% Down

–    IndusInd Bank 1.28% Down

–    Federal Bank 1.08% Down

Nifty Bank

(Nifty Bank Weekly Chart)

Key News

  • Mic Electronics has secured two orders worth Rs 10.8 crore from Salem Railway Division. The company stated that the orders will be executed within six months from the date of the issuance of the Letter of Acceptance.
  • Natco Pharma has announced the successful closure of an inspection and has received an Establishment Inspection Report (EIR) from the U.S. FDA for its drug formulations manufacturing facility located at Visakhapatnam.
  • Torrent Pharmaceuticals has received an EIR for its oral-oncology manufacturing facility at Bileshwarpura.
  • Arihant Capital Markets’ board has approved raising funds through the issuance of secured unlisted non-convertible debentures, totaling up to Rs 100 crore, in one or more tranches/series on a private placement basis. It will offer an interest rate of 9-10% per annum.

 

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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