Weekly Update

NIFTY50

Nifty ended the week 2.67% on the negative side. It has declined for 6 straight days in a row and is trading 2.45% below its 50 EMA and 0.8% below its 200 EMA. 

We are maintaining a neutral stance in the market. To move into an uptrend, a strong follow through day with at least a 1.5% gain with trading volumes higher than its previous day would be needed and upon breaking its recent low of 17353, Nifty would move into a downtrend.

In the upcoming week, Nifty is expected to have a support level of 17350 and a small resistance level of 17900.

Nifty50 Weekly Chart

BANK NIFTY

Bank Nifty showed weakness this week and ended the week 3% negative. Bank Nifty is trading within the budget days’ range and currently below its 200 EMA, a breakout on either side can lead to good momentum.. It has to reclaim its 200 EMA to show some strength.

In the upcoming week, Bank Nifty index is expected to have a support level of 39400 (which is also its 200 EMA), and  a projected resistance level of 42000.

Bank Nifty Weekly Chart

Worst Performing Sector of the Week

Nifty PSU Bank 2.77% down

–    Vedanta 6.23% down

–    JSW Steel 5.96% down

–    Hind Copper 5.7% down

Key News

• • Sanofi India Ltd’s December quarter revenue fell 2.3% y/y to Rs 672 crore. Profit increased 45% y/y to Rs 130.9 crore. The company announced a final dividend of Rs 194 per share and a second special dividend of Rs 183 per share for the financial year ending December 2022.
  • Ksb’s December quarter revenue grew 18% y/y to Rs 524.6 crore. Profit rose 42% y/y to Rs 56 crore. The board recommended a dividend of Rs 15 per share for the financial year ending December 2022.
  • Olectra Greentech developed a hydrogen bus in technical partnership with Reliance Industries. The company aims to commercially launch these buses within a year. The hydrogen bus is a fully carbon-free alternative to traditional public transportation.

 

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

You may also like: Can international interference shake confidence in Indian markets?