NIFTY50

Nifty concluded the week with a 0.92% gain. It kicked off the week on a positive trajectory, experiencing growth for the initial four days. However, on Friday, it opened with a significant gap down, attempted a recovery but ultimately failed, resulting in a loss of over 1% by the end of the day. Friday was marked as a distribution day since Nifty declined by more than 0.25%, and trading volumes exceeded those of the previous day.

On the sectoral front, Nifty IT and Realty were the decliners. Nifty PSU Bank led the rally, followed by Nifty Media. Currently the Market is in a confirmed Uptrend. The current distribution day count is 2 now.

The Nifty index is expected to have a support level of 19350 in the upcoming week, with 20000 projected to act as resistance.

Nifty50 Weekly Chart

BANK NIFTY

Bank Nifty concluded the week with an impressive 2.8% gain. Despite Nifty opening with a gap down on Friday, largely influenced by Nifty IT, Bank Nifty demonstrated considerable strength. Prominent private banks like Kotak Mahindra Bank, ICICI Bank and HDFC Bank have the potential to drive Bank Nifty to achieve new highs.

For the upcoming week, the Bank Nifty index is expected to have a support level of 44500 and on the flip side, 47000 to act as a round level resistance.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty PSU BANK 3.96% Up

– Union Bank 11.47% Up

– Bank of Maharashtra 9.95% Up

– Bank of India 8.48% Up

(Nifty PSU Bank Weekly Chart)

Worst Performing Sector of the Week

Nifty IT 3.47% Down

– Infosys 6.62% Down

– Coforge 5.8% Down

– TCS 4.16% Down

(Nifty IT Weekly Chart)

Key Results

Gna Axles’s Q1 FY24 revenue was down 2.5% y/y to Rs 374 crore. Profit fell 2.6% y/y to Rs 33.1 crore.
Ramkrishna Forgings’s Q1 FY24 revenue increased 27.6% y/y to Rs 892.3 crore. Profit jumped 52.7% y/y to Rs 78.5 crore.
Ultratech Cement’s Q1 FY24 revenue increased 17% y/y to Rs 17,737 crore. Profit was up 6.8% y/y to Rs 1,690 crore.
Tanla Platforms’s Q1 FY24 revenue grew 14% y/y to Rs 911.1 crore. Profit increased 35% y/y to Rs 135.4 crore.
Glenmark Pharms. (Nse)’s revenue grew 18.1% y/y to Rs 578.4 crore. Profit increased 24% y/y to Rs 135.4 crore.

Weekly Update