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Weekly Update

NIFTY:

The week began strongly for the Nifty, thanks to a substantial jump of more than 300 points fueled by state assembly election results. By the week’s end, the Nifty closed just below the significant 21,000 mark, securing a decent 3.5% gain.

After such a strong rally, there might be some profit booking or a settling phase at these levels. However, decisively crossing the 21,000 mark could lead to further upward movement.

The BSE Midcap had a modest showing, while the BSE Smallcap ended with a Doji candle, suggesting a possible slowdown. Although the main trend remains strong, dropping below the previous week’s low might trigger some short-term profit booking.

All sectors, except Pharma, saw positive closures. Notably, Nifty Energy and PSU Banks performed exceptionally well. Immediate support is noted at 20,600, with tough resistance at 21,500.

Nifty50 Weekly Chart

Nifty 50

Bank Nifty started the week with vigor, characterized by a significant jump, culminating in a commendable 5.5% gain. The Reserve Bank of India’s Monetary Policy Committee decided to maintain the repo rate at 6.50% for the fifth consecutive time, contributing to positive market sentiment. This strategic decision supports the overall positive outlook, indicating sustained momentum in the short term for the banking index. A probable support zone is anticipated around 46,500, with resistance likely near the 48,000 mark. This sets an optimistic stage for the upcoming trading sessions.

Bank Nifty Weekly Chart

Bank Nifty

Top Performing Sector of the Week

Nifty Energy 7.9% Up

– Adani Green Energy 51%

– Adani Energy Solutions 32.4%

– Tata Power 17.2% Up

Nifty Energy

Worst Performing Sector of the Week

Nifty Pharma -0.6% Down

– Abbott India -3.5% 

– Torrent Pharmaceuticals -4.5%

– Lupin -4.4%

Nifty Pharma

 

Key News & Results

  • Lemon Tree Hotels has signed a License Agreement for a 80 rooms property in Kundapara, Karnataka under the company’s brand “Lemon Tree Hotels”. The hotel is expected to be operational by FY2027.
  • Rites Ltd has entered into a MOU with Oil India Ltd. to develop Duliajan Township, Assam, as a Mini Smart City. 
  • Saankhya Labs Private Ltd. a subsidiary of Tejas Network Ltd. have received a provisional purchase order for Rs 96.42 crores from New Space India Ltd. (NSIL) (a CPSE under Department of Space, Govt of India)
  • IDFC First Bank has launched digital credit cards on the Rupay platform to enhance customer’s transactional experiences. 
  • IRB Infrastructure Developers Ltd’s Gross Toll Collection in the month of November stood at Rs 437 crores vs Rs 366 crores YoY. 

 

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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