Weekly update

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NIFTY50

The Nifty concluded the week with a 2.8% gain, reaching a new all-time high. Throughout the week, the Nifty remained in positive territory for all four sessions. Additionally, all sectoral indices experienced upward movement, with Nifty Pharma and Nifty Metal demonstrating the most significant advancements.

Currently, the market is in a confirmed uptrend as it crossed the previous high of 18887. MidCaps and SmallCaps are trading near their new highs, and the broader market strength has improved. We will now start calculating distribution days to keep an eye on weakness in the market.

The Nifty index is expected to have a support level of 18800 in the upcoming week, with 19400 projected to act as resistance.

Nifty50 Weekly Chart

BANK NIFTY

Bank Nifty ended the week 2.58% positive, at a new all-time high. After four weeks, Bank Nifty has given a breakout, and now it is important for it to lead and outperform the market. Axis Bank is trading near an all-time high and can potentially lead from here.

For the upcoming week, the Bank Nifty index is expected to have a support level of 43500, with 45500 acting as resistance on the flip side.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Pharma 1.46% Up

–    Biocon 12.07% Up

–    Glenmark Pharma 6.79% Up

–    Sunpharma 6.07% Up

(Nifty Pharma Weekly Chart)

Key News

• Bharat Petroleum board approves fund raise of up to Rs 18,000 crore via issue of equity shares.
• Multi Cmod.Ex.Of India has decided to extend support services being rendered by 63 Moons for six months starting July 1. Overall consideration for the same is Rs 125 crore per quarter.
• Sbi Life Insurance Co board approves re-appointment of Mahesh Kumar Sharma as MD and CEO.Power Grid Corp. The India board approves investment proposals worth Rs 389 crore.
• Canara Bank (Nse) board approves raising capital of up to Rs 7,500 crore via debt.
• Tata Communications(Nse) to acquire Kaleyra in an all cash deal at $7.25/share. The aggregate consideration is expected to be around $100M.

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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