NIFTY50

As expected, the Nifty index displayed strength this week, beginning the week at 24636 and closing the week 1.15% higher at 24823. The movement through the week was steady with the Nifty closing either positive or flat during each trading day.

In the coming week, the Nifty is expected to continue its upward momentum. If it breaches the level of 25078, which is the all-time high for the Nifty, during the week, it can close the week at a new lifetime high. In case of a change in sentiment during the week, 24500 is a strong support level which is unlikely to be broken this week

BANK NIFTY

The Banknifty index did not move as sharply as the Nifty this week. On the first trading day of last week, it fell 0.3% to close the day at 50368. However, from the second trading day of the week, its upward movement began to close the week 0.82% higher at 50933.

In the coming week, if the upward movement is sustained, then the Banknifty index can test levels of 51400, either mid-week or towards the end of the week. In the event of any weakness, a strong support level exists at 50100, which is unlikely to be broken this week.

Top Performing Sector of the Week

The Nifty Metal index was the top performing sector this week

Major gainers from this sector includes

Hindalco Industries: up by 8.0%

National Aluminium Company: up by 4.9%

Vedanta: up by 4.7%

Jindal Stainless: up by 4.2%

Worst Performing Sector of the Week

The Nifty Realty index was one of the worst performing sectors this week.

Major losers from this sector include:

Macrotech Developers (Lodha): down by 10.4%

Prestige Estates: down by 7.7%

Oberoi Realty: down by 3.6%

DLF: down by 2.0%

Important News

JK Cement to reportedly invest Rs 4,900 crore to build new grinding and clinker units in Jaisalmer
Zydus Lifesciences to acquire 50% stake in Sterling Biotech
Maruti to start new showroom line ‘Nexa Studio’ in Tier-2, -3 cities
GQG Partners, others buy Ambuja Cements stake worth Rs 4,251 crore
KEC International gets new orders totalling Rs 1,079 crore
Karnataka Cabinet approves sale of 3,667 acres to JSW Steel in Ballari amid legal compulsions

Weekly Update – 23 August 2024