Weekly Update-27 December 2024

NIFTY50

The Nifty index concluded the week ending December 27 on a mildly positive note, gaining approximately 1% to close at 23,814. Throughout the week, the index traded within a narrow range, consolidating within the boundaries of the candle formed on the previous Friday. This sideways movement reflected market indecision and a lack of strong directional momentum.

The subdued activity during the week can be attributed to low trading volumes, which resulted in limited price fluctuations on most trading days. Looking ahead to the next week, the index faces key resistance around the 24,000 level, a potential hurdle for further upward movement. On the downside, crucial support is observed near the 23,500 level, which may act as a safety net for the index in case of selling pressure. These levels will be important indicators for determining the market’s direction in the coming sessions.

BANK NIFTY

The Bank Nifty index wrapped up the week ending December 27 with a modest gain of around 1%, closing at 51,311. The index remained range-bound throughout the week, consolidating within the levels established by the previous Friday’s candle, reflecting a lack of decisive movement.

The week’s limited price action can largely be attributed to subdued trading volumes, which kept daily volatility in check. Moving into the next week, the index faces significant resistance around the 52,000 level, which could act as a barrier to further gains. Conversely, key support is positioned near the 50,500 level, providing a cushion against potential downside. These levels will be critical in determining the market’s trajectory in the upcoming sessions.

Top Performing Sector of the week

The Nifty Pharma was best performing sector of the week 

Major gainers include:-

Biocon: up by 4.94%

Dr Reddy: up by 3.41%

Lupin: up by 3.58%

Glenmark: up by 2.87%

Worst Performing Sector of the week

The Nifty Media was worst performing sector this week

Major losers from sector include:- 

Hathway Cable: down by 6.32%

Saregama: down by 5.93%

Dish Tv: down by 5.89%

PVR Inox: down by 3.14%

Important News:-

• Oil prices logged a weekly gain in holiday-thinned trade, supported by low U.S. crude stock levels and optimism regarding China’s economic stimulus measures. Brent crude settled at $74 per barrel.

• Dhani Services Limited announced a Board Meeting scheduled for December 31, 2024, to consider fund-raising initiatives.

• The National Stock Exchange (NSE) announced the schedule for stock market holidays in 2025, detailing 14 trading holidays for the upcoming year.

• The Nifty 50 index closed at 23,813.40 on December 27, 2024, marking a gain of 63.20 points (0.27%) for the day.

• Vedanta’s board approved an interim dividend of ₹25 per share, reflecting its strong cash flows and commitment to returning value to shareholders.