Weekly Update

Posted by : Sheen Hitaishi | Sat Jun 24 2023

Weekly Update

NIFTY50

After four consecutive weeks of gains, the Nifty index temporarily halted its upward trajectory this week and closed the week 0.85% lower. Although the index traded close to its historical peak throughout the week, it fell short of establishing a new all-time high. Conversely, the Sensex index achieved a fresh record high during the same period.

Barring Nifty Financial, all sectoral indices closed lower. Nifty Media and Metal declined the most.

Currently, the market is attempting a rally, but 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

BANK NIFTY

Bank Nifty ended the week on the negative side, with a decline of 0.72%. Currently, Bank Nifty is trading within the range set on June 15th, based on the Daily Time Frame. The next momentum in Bank Nifty is expected to occur above 44,444, which could push it towards the 45,000 levels.

For the upcoming week, the Bank Nifty index is expected to have a support level of 42,600, while on the flip side, 45,000 is anticipated to act as resistance.

Bank Nifty Weekly Chart

Bank Nifty

Top Performing Sector of the Week

Nifty Financial Services 0.3% Up

–    HDFC AMC 5.1% Up

–    Muthoot Finance 4.62% Up

–    ICICI Prudential 4.11% Up

Nifty Financial Service (Nifty Financial Service Weekly Chart)

Worst Performing Sector of the Week

Nifty Media 3.62% Down

–    NDTV 10.36% Down

–    TV18 Broadcast 5.67% Down

–    Zee Entertainment 5.61% Down

Nifty Media (Nifty Media Weekly Chart)

Key News

  • Aether Industries’s fund raising committee approved an allotment of 80.12 lakh equity shares to 36 qualified institutional buyers at an issue price of Rs 936 per share, raising Rs 750 crore.
  • Dr. Reddy’s Laboratories announced its entry into the trade generics business in India with the launch of its new dedicated division, ‘RGenX’.
  • Accenture lowered the upper end of its FY23 revenue guidance to 8-9% in constant currency terms from 8-10%. Indian IT stocks took a hit

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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