Weekly Update

NIFTY50

Nifty concluded the week with a decline of 0.50%. It commenced the week on a negative note and maintained this trend until the closing. However, there was an impressive recovery on Friday during the second half of the trading session. Nonetheless, it remains essential to monitor if the gains from Friday can be sustained and if Nifty can hold above Friday’s low. Our analysis suggests that Nifty is currently consolidating at its present levels, and we are optimistic about its potential to move upwards from here, with a target of 20,000.

On the sectoral front, Nifty FMCG and Nifty Bank were the decliners. Nifty Pharma led the rally, followed by Nifty Realty. Currently the Market is in a confirmed Uptrend. The current distribution day count is 3 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

The week concluded with Bank Nifty posting a negative return of 1.32%. Throughout the week, Bank Nifty faced persistent pressure. However, our outlook remains optimistic, as we believe that Bank Nifty has the potential to take the lead in the upcoming weeks, aiding Nifty in surpassing the 20,000 level. Notably, prominent private banks such as Kotak Mahindra Bank, ICICI Bank, and HDFC Bank are expected to play a crucial role in driving Bank Nifty towards achieving new record 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 Realty 5.01% Up

 

–    Sobha 12.10% Up

–    Prestige Estate 8.83% Up

–    Godrej Properties 7.68% Up

(Nifty Realty Weekly Chart)

Worst Performing Sector of the Week

• Nifty FMCG 1.37% Down

 

–    ITC 4.49% Down

–    Britannia 2.85% Down

–    United Spirits 2.62% Down

(Nifty FMCG Weekly Chart)

Key Results & News

 

• Route Mobile’s Q1 FY24 revenue was down 4.1% q/q to Rs 967.4 crore. Profit declined 9.1% q/q to Rs 92.4 crore.
• Ptc India’s Q1 FY24 revenue was down 8.4% y/y to Rs 189.7 crore. Profit fell 27.3% y/y to Rs 36.8 crore.
• Advait Infratech won an order worth Rs 35.8 crore for the supply of 2,784 KMs of optical fibre ground wire.
• Mishra Dhatu Nigam bagged an order worth Rs 178.5 crore.
• Rail Vikas Nigam received a Letter of Award from the Haryana Rail Infrastructure Development Corporation for Rs 1,088.5 crore.
• Indian Oil Corporation’s Q1 FY24 results came above estimates. Revenue was down 2.7% q/q to Rs 1.98T. Profit increased 36.7% q/q to Rs 13,750 crore. EBITDA margin increased 360bps to 11.2%.