NIFTY50
The Nifty concluded the week with a 2.57% decline, closing lower on each trading day. The week ended on a negative note for the Nifty, and there is an anticipation that this trend will continue into the next week. While the correction occurred swiftly, it’s premature to label it as a downtrend, as the number of volume distribution days has yet to surpass the specified threshold.
Currently, the market is in a confirmed uptrend. With the exception of Nifty PSU Bank, all sectoral indices closed in the red. Nifty Realty experienced the steepest decline, followed by Nifty Financial and Metal.
The immediate support level stands at 19,200, while on the opposite side, 20,050 will act as a strong resistance.
Nifty50 Weekly Chart
BANK NIFTY
The Bank Nifty concluded the week with a 3.50% decline, reflecting the Nifty’s losses as it recorded downturns on each trading day. The week came to an end with a pessimistic outlook for the Bank Nifty, and there is an anticipation that this trend will continue into the upcoming week.
Prominent decliners within the Bank Nifty included HDFC Bank, ICICI Bank, and Kotak Bank. In contrast, PSU Banks exhibited notable strength and continue to show promise.
Looking ahead to the upcoming week, the Bank Nifty index is projected to find support at 43,600, while on the other side, 45,800 is expected to serve as an immediate resistance.
Bank Nifty Weekly Chart
Top Performing Sector of the Week
Nifty PSU BANK 3.35% Up
- Indian Overseas Bank 11.01% Up
- Central Bank 7.96% Up
- Uco Bank 6.56% Up
(Nifty PSU Bank Weekly Chart)
Worst Performing Sector of the Week
Nifty Realty 4.34% Down
- – Godrej Properties 7.35% Down
- Lodha Developers 6.99% Down
- Brigade Enterprise 6.84% Down
Key News
- Hcl Technologies (Nse) signed a deal with ANZ to transform the company’s digital employee experience across 33 countries.
- Ambuja Cements incorporates three subsidiaries, LOTIS IFSC, Ambuja Concrete North, and Ambuja Concrete West.
- Ratnamani Metals & Tubes and Swiss firm Technoenergy AG created a JV to provide pipe spooling solutions.
- Lupin (Nse) signs a pact with Italy-based Menarini Group to acquire five brands for Rs 101 crore.
- Ideaforge Technology Ltd received an order worth about Rs 58 crore to supply 400 surveillance copters with accessories for Strategic Marketing.
- Ncc’s JV with J Kumar Infra got an order worth Rs 6,301 crore for twin tunnels from BMC.
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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