Weekly Update

NIFTY50

Nifty ended the week at .5% on the positive side. It traded within its budget-day candle until Tuesday, broke out of the range on Wednesday but failed to hold above on Friday. Recapturing the 50 EMA is critical for the index as it may indicate a sustained bullish trend, which can benefit investors.

We are maintaining a neutral stance in the market. To confirm a move into an uptrend, a strong follow-through day is necessary, characterized by the Nifty gaining 1.5% and with higher trading volumes compared to the previous day. On the other hand, if the recent low of 17353 is broken, the market trend will shift to a downtrend.

The Nifty index is expected to have a support level of 17400 in the upcoming week, with 18300 projected to act as a small resistance.

Nifty50 Weekly Chart

BANK NIFTY

Bank Nifty showed some weakness this week and ended the week 1% negative. Bank Nifty is still trading in the budget day’s range. Breakout on either side can lead to good momentum. HDFC Bank and ICICI Bank can lead the rally on the positive side.

The Bank Nifty index is expected to have a support level of 39900 (which is also its 200 EMA) in the upcoming week, with 43000 projected to act as a resistance.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Energy 0.64% Up

– ONGC 6.75% Up
– Reliance 4.43% Up
– IOC 0.94% Up

(Nifty Energy Weekly Chart)

Worst Performing Sector of the Week

Nifty PSU Bank 2.77% down

– UCO Bank 7.1% down
– PSB 6.84% down
– IOB 5.69% down

Key News

• Ptc India’s subsidiary Aerolloy Technologies received an order from Safran Aircraft Engines to develop and supply titanium-cast components for aircraft engines.
• Zee Learn’s whole-time director and CEO Ritesh Handa resigned with immediate effect due to personal reasons. The stock closed 4.5% lower.
• Pvr launched an eight-screen multiplex in Indore. With this, the company currently operates 1,642 screens in 113 cities (India and Sri Lanka).
• Gensol Engineering received purchase orders worth Rs 501 crore in February from reputed clients for the development of solar power projects. The company’s total order book stands at more than Rs 1,025 crore.

 

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 purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

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