Weekly Update

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NIFTY50

Nifty started the week with a gap down, reaching a low of 19,480 and subsequently recovering. Nifty closed the week with a 0.5% gain.

The number of volume distribution days has now reached 5, leading us to shift the market status from a confirmed uptrend to a neutral trend.

The market is currently trading in a range between 19,440 and 19,850. We can anticipate the next momentum to push above 19,900.

On the sectoral front, Nifty PSU Bank and IT witnessed the most significant declines, while Nifty Bank and Financial Services closed flat. Conversely, Nifty Realty and Auto emerged as the top gainers.

The immediate support level stands at 19,200, with 20,230 acting as a robust resistance on the opposing side.

Nifty50 Weekly Chart

BANK NIFTY

Last week, Bank Nifty displayed weaker performance compared to Nifty, closing with a 0.16% loss.

It may be prudent to closely monitor PSU Banks as they are currently trading in proximity to key support levels, indicating the potential for a rebound.

On the other hand, major private banks are also underperforming but are positioned near support areas. Observing the performance of these private banks will be of significant importance, as their actions could influence the direction of the overall market trend.

Bank Nifty is likely to find support at 43,600 points and may face resistance at 46,300 points.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

• Nifty Realty 4.31% Up
  – Phoenix Ltd 11.86% Up
  – Prestige Estate 7.24% Up
  – Sobha 6.96% Up

Worst Performing Sector of the Week

• Nifty PSU Banks 3.24% Down
  – Indian Overseas Bank 6.49% Down
  – Bank of Baroda 5.48% Down
  – Uco Bank 5.21% Down

Key News

• Hdfc Life Insurance Co’s Q2 FY24 PAT grew 15% y/y to Rs 378 crore. Solvency ratio was at 194% versus 210% y/y. VNB margin was at 26.4% versus 27.1% y/y.
• September Trade Data: Export declined 2.6% y/y. Import was down 15% y/y. Trade deficit was 31% lower y/y.
  Landmark Cars’s received a letter of intent from MG Motor for the opening of a dealership in Goa.

 

 

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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