Weekly Update

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NIFTY50

Nifty exhibited a week of sideways trading, ultimately closing with a modest loss of 0.18%. The week’s chart shows the formation of a Doji Candle, often referred to as a ‘pause candle.’ The upcoming week holds significance as Nifty is currently hovering near a critical support level represented by its 50-day moving average. The current volume distribution count stands at 4.

On the sectoral front, Nifty Realty and Pharma advanced the most. On the other hand, Nifty IT was the major decliner, followed by Nifty Media.

The immediate support level stands at 19,200, and on the opposite side, 20,050 will act as a strong resistance.

Nifty50 Weekly Chart

BANK NIFTY

Much like the Nifty, the Bank Nifty exhibited a week of range-bound trading and concluded the week with minimal changes. Notably, the Bank Nifty appears to be in a relatively weaker position compared to the Nifty, as it is currently trading below its 50-day moving average. Prominent private banks, including HDFC Bank, Kotak Mahindra Bank, and ICICI Bank, are displaying signs of vulnerability. Conversely, public sector banks are demonstrating substantial strength in their performance.

For the upcoming week, the Bank Nifty index is expected to have a support level of 43,600, and on the flip side, 45,800 is expected to act as an immediate resistance.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Realty 2.52% Up
– Sobha Limited 8.71% Up
– Macrotech Developers 8.01% Up
– Indiabull Real Estate 6.25% Up

Worst Performing Sector of the Week

Nifty IT 3.41% Down
– Tech Mahindra 6.32% Down
– MPhasis 4.40% Down
– LTI Mindtree 4.01% Down

Key News

• Lupin (Nse)’s Nagpur Unit-1 manufacturing facility received an Establishment Inspection Report from the U.S. FDA after an inspection in July 2023. The U.S. FDA has categorized the facility as “Voluntary Action Indicated”.
• International Finance Corporation received RBI approval to acquire up to 9.7% stake in Federal Bank.
• Sterling And Wilson Renewable Energy received the notification of award for the EPC project of 300 MWac of NTPC Renewable Energy
• Limited (NTPC REL) at Khavda RE Power Park, Gujarat. The total contract price, including O&M for three years, would be Rs 1,535 crore (including taxes).
• Ashok Leyland bagged orders for 1,282 buses from Gujarat State Road Transport Corporation.
• Navin Fluorine Intl.’s Managing Director, Radhesh R Welling, resigned citing personal reasons with effect from December 15. The stock plunged 13.6%.

 

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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