Weekly Update

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NIFTY50

Nifty staged a strong comeback at the end of the week, finishing with a modest increase of 0.08%. The weekly chart for Nifty reveals the formation of a Hammer Candlestick. It’s crucial to keep an eye on the upcoming week, as a follow-through candle is needed to confirm the trend following the Hammer candle.

On the sectoral front, Nifty Realty and IT showed the most significant advances, while Nifty Pharma and Metal experienced substantial declines, with Nifty Auto following suit as a major decliner.

The immediate support level is at 19,200, with a strong resistance at 20,050 on the opposite side.

Nifty50 Weekly Chart

BANK NIFTY

Bank Nifty underperformed Nifty last week, ending with a 0.50% loss. As we look ahead to the coming week, Bank Nifty is expected to find support at 43,600 points, while it could encounter resistance at 46,300 points. Public sector banks are anticipated to outperform the overall market this month. Large private banks such as HDFC Bank, ICICI Bank, and Kotak Mahindra Bank are currently trading near their support levels, suggesting limited downside potential from their current positions.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

• Nifty Realty 2.06% Up
  – Prestige Estate 10.80% Up
  – Godrej Properties 7.78% Up
  – Brigade Enterprises 4.48% Up

(Nifty Realty Weekly Chart)

Worst Performing Sector of the Week

• Nifty Pharma 1.91% Down
  – Glenmark Pharma 7.24% Down
  – Dr Reddy 2.90% Down
  – Biocon 2.81% Down

(Nifty Pharma Weekly Chart)

Key News

• NLC India approved a new unit for the renewable power energy business.
• State Bank Of India’s chairman, Dinesh Kumar Khara’s term is extended until he reaches the age of 63.
• HFCL received an award worth Rs 72.3 crore from the Arbitral Tribunal.
• Zydus Lifesciences received final approval from the U.S. FDA for Sugammadex Injection.

 

Some Key Takeaways from the RBI-MPC Outcome:

• Repo rate was retained at 6.5%.
• The Standing Deposit Facility rate is left unchanged at 6.25%.
• Marginal Standing Facility rates were also left unchanged at 6.75%.
• Focus on the withdrawal of an accommodative stance was retained.

 

 

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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