HomeMarketWeekly Update – 24 November 2023

Weekly Update – 24 November 2023

NIFTY50

This week, the Nifty 50 closed at 19,794, closing higher for the fourth week in a row gaining 0.32% over the previous week’s close. The index is now very close to its immediate resistance level of 19,850.

In the coming week, if the Nifty 50 continues to show strength, it is likely to cross the barrier of 19850 in the first two trading days of the week. On crossing this resistance level, the next level that the Nifty can cross the 20,000 level by the end of the week.

On the other hand, if it fails to cross the resistance level, we will witness a correction in the index, and it will head southwards to 19,550 levels. The probability of the Nifty continuing its upward momentum seems higher than the probability of a retracement.

Nifty50 Weekly Chart

Nifty 50 Index

BANK NIFTY

The Banknifty index closed this week at 43,769 gaining 0.42% over the previous week. This is a positive sign as the Banknifty had corrected last week in reaction to the RBI tightening norms for consumer lending for banks as well as NBFCs.

In the coming week, the Banknifty is likely to head higher and cover the gap formed on the daily chart and touch levels of 44,300. In case of weakness the index has a strong support at 43,450 level.

At the current juncture it is difficult to assign the probability of the Banknifty heading higher or lower. However, the first two trading days will guide the movement of the index for the rest of the week.

Bank Nifty Weekly Charts

Bank Nifty

Top Performing Sector of the Week

This week’s top performing sector was the Nifty Realty

Major gainer from this index include:

  • Prestige Estate Projects– up by 5.4%
  • Oberoi Realty – up by 3.7%
  • Phoenix Mills – up by 3.4%
  • Macrotech Developers (Lodha)– up by 2.5%

Nifty Realty Index Weekly Chart

Nifty Realty

Worst Performing Sector of the Week

The Nifty PSU Bank was one of the worst performing sectors this week.

Major losers from this sector include:

  • Indian Bank – down by 5.4%
  • Central Bank  – down by 3.8%
  • Punjab and Sind Bank – down by 3.6%
  • Bank of Maharashtra – down by 3.4%

Nifty PSU Bank Weekly Chart

Nifty PSU Bank

Important News

  • IPOs subscription this week received bumper response:
  1. Tata Technologies Limited oversubscribed 69.43 times
  2. Flair Writing Industries Limited oversubscribed 49.28 times
  3. Fedbank Financial Services Limited oversubscribed 2.24 times
  4. Gandhar Oil Refinery (India) Limited oversubscribed 65.63 times
  5. Indian Renewable Energy Development Agency Ltd oversubscribed 38.80 times
  • CDSL’s demat account tally crossed the 10-crore milestone in dematerialised (demat) accounts.
  • Warren Buffet’s Berkshire Hathaway exits Paytm at a loss
  • Fortis Healthcare to sell Malar Hospital and adjacent land to MGM Healthcare for Rs 128 crore
  • JSW Steel completes ₹750-cr investment in group’s paint business
  • Mamaearth’s parent Honasa Consumer posts net profit of ₹30 crore in Q2FY24.

 

ABOUT THE AUTHOR

Ketan Sonalkar (SEBI Rgn No INA000011255 )

Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.

Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

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