Weekly Update-24 January 2025

NIFTY50

The Nifty index ended the week with a decline of 0.49%, closing at 23,092. The week began on a positive note with a strong rise in the index, but Tuesday brought significant selling pressure, pulling the index below 23,000 intraday before it managed to close slightly above this level. For the rest of the week, the index remained sideways, confined within the range of Tuesday’s candle, reflecting indecision in the market. Key support levels for the coming week are around 22,800, while resistance is expected near 23,400.

BANKNIFTY

The Bank Nifty index closed the week with a decline of 0.36%, settling at 48,367. The week started on a strong note with a significant rise, but these gains could not sustain as the index faced considerable selling pressure for the remainder of the week. This persistent selling kept the index under pressure, preventing any meaningful recovery. Key support levels for the upcoming week are around 47,500, while resistance is expected near 49,500.

Top Performing Sector of the week

The Nifty IT was best performing sector for the week

Major gainers include:-

Wipro: up by 13.53%

Coforge: up by 6.86%

Persistent Systems: up by 6.7%

Mphasis: up by 3.10%

Worst Performing Sector of the week

The Nifty Realty was worst performing sector of this week

Major losers include:-

Prestige Estate: down by 14.71%

Oberoi Realty: down by 11.67%

Godrej Properties: down by 10.49%

Dlf: down by 7.18%

Important News:-

• Dr. Reddy’s Laboratories: The company’s shares declined following disappointing quarterly profits, contributing to a downturn in the broader market.

• RBL Bank: Experienced an 86% drop in quarterly profits due to doubling provisions, highlighting challenges in asset quality.

• Hindustan Unilever (HUL): HUL launched a range of eco-friendly household products, targeting environmentally conscious consumers. The company also reported robust sales growth in rural markets despite inflationary pressures.

• Avenue Supermarts (DMart): DMart reported a 14% year-on-year growth in revenue for the December quarter, driven by festive season sales. The company is also accelerating its e-commerce expansion to compete with online retail giants.

• IndiGo: IndiGo announced plans to expand its international routes, targeting underserved destinations in Southeast Asia and the Middle East. The airline also reported an increase in passenger load factors for December 2024.