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Weekly Update

NIFTY50

Nifty traded within a narrow range throughout the week and concluded the 4th consecutive week with losses. It began the week on a muted note but wrapped up the week at its lower levels. On the sectoral front, Nifty Media and PSU Bank saw significant gains, while Nifty Metal experienced a major decline.
Currently, the market is under pressure as the number of distribution days has reached 5. Thursday marked a volume distribution day but on Friday the volumes were lower than last trading day so that wont be considered as volume distribution day. The market could enter a downtrend if the count of volume distribution days increases to 7-8. On the contrary, the market is currently trading near its support zone at 19200. We anticipate a potential market rebound from this level.
The immediate support from here is 19200, and following that, 18900 will be considered a strong support level. 19800 will act as a resistance.

Nifty50 Weekly Chart

Nifty

BANK NIFTY

The Bank Nifty saw a decline for the fourth consecutive week, concluding this week with a loss of 0.76%. It’s currently hovering around a critical juncture, with 43400 serving as a significant support level. The potential for a bullish upswing exists if the Bank Nifty manages to find stability at the 43400 mark.
For the upcoming week, the Bank Nifty index is expected to have a support level of 43400 and on the flip side, 45400 to act as a resistance.

Bank Nifty Weekly Chart

Bank Nifty

Top Performing Sector of the Week

  • Nifty Media 2.34% Up

–    Navneet Education 9.09% Up

–    TV18Broadcast 5.2% Up

–    PVR INOX 5.01% Up

Nifty Media

Worst Performing Sector of the Week

  • Nifty Metal 2.92% Down

– Hind Copper 11.45% Down

– Jindal Steel & Power 8.19% Down

– National Aluminium 7.95% Down

Nifty Metal

Key News

  • Indian Hume Pipe secures an order worth Rs 639.2 crore from the Odisha government.
  • Reliance Industries: Jio Financial Services is to be listed on August 21.
  • Jubilant Ingrevia’s board approves raising funds of up to Rs 600 crore via the issuance of commercial paper.
  • Axis Bank raises lending rates by 5bps across various tenures.
  • Route Mobile enters into an exclusive partnership with Vodafone Idea to offer A2P SMS Monetization Solutions.

 

About the Author
Sagar Wadhwa

Sagar Wadhwa is a Senior Equity Research Analyst who is a key member of the research team at Univest. He has extensive knowledge and expertise in the stock market, financial analysis, and investing and uses this expertise to provide valuable insights to the research team.

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

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