Weekly Update – 19th May 2023

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NIFTY50

The Nifty 50 ended this week at 18203, moving 0.6% lower than the previous week. The Nifty 50 began the week on an optimistic note closing at 18398, higher than the highest closing level of the last week. However, the next three days saw the fall sharply with some relief on Friday as it closed higher than the previous day.

The current downward move of the Nifty 50 can be seen as part of the larger uptrend where the index has been forming higher tops and higher bottoms since the end of March. The Nifty is still bullish on both the short term as well as long term trends.

The next week will define whether the corrective phase is completed or not. Any further correction next week would be a continuation of the current downward move. However, there is a chance that the Nifty may move higher through the next week indicating the beginning of the next upward leg of the bull rally.

Nifty50 Weekly Chart

BANK NIFTY

This week, the Bank Nifty touched its all-time high of 44151.70 and closed the week slightly lower at 43969, closing 0.4% higher than the previous week. The Bank Nifty is firmly in an uptrend and hasn’t seen any major correction since it began an upward journey from the previous bottom made on March 15 at 38650.

The next week will decide whether the Bank Nifty is able to continue the uptrend further and make new all-time highs or if there would be a correction, which is technically expected after an upward movement of nearly 5000 points. 

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Realty

Major gainer from this index include 

• DLF – up by 5.7%
• Mahindra Lifespace Developers Bank – up by 6.3%
• Sobha Ltd – up by 4.5%

Nifty Realty Index Weekly Chart

Worst Performing Sector of the Week

Nifty Pharma

Major losers from this sector include 

• Granules India  – down by 6.7%
• Divi’s Laboratories – down by 6.5%
• Zydus Lifesciences – down by 3.7%

Nifty Pharma Weekly Chart

Important News

• Divi’s laboratories revenue fell YoY 23.5% to Rs 1908.1 crore while net profits fell by 63.8% YoY to Rs 318.8 crore in Q4FY23
• Bharat Electronics revenue grew 2.2% YoY to Rs 6,479 crore and net profits grew 19.2% YoY to Rs 1,366 crore in Q4FY23
• Nexus Select Trust IPO, the fourth REIT to be listed on the exchanges, listed at a premium of 3%
• JSW Steel’s board has authorised plans to raise up to Rs 17,000 crore via issuing of various securities and through foreign markets
• BEML emerges lowest bidder for Bengaluru Metro’s 318 coach supply tender
• Cognizant to cut down 3,500 jobs amid fears of a slump in revenue this year

 

ABOUT THE AUTHOR

Ketan Sonalkar (SEBI Rgn No INA000011255 )

Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.

Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

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