Weekly Update

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NIFTY:

Nifty broke its 7-week gaining streak and ended the week with a 0.5% loss. On Wednesday, after reaching a new lifetime high, Nifty declined by more than 500 points during the day. However, on Thursday, after a weak opening, the index rebounded sharply and closed near the day’s high.

There was mixed action on the sectoral front this week. Nifty FMCG, Pharma, and Energy were the top gainers, while Nifty Auto, Bank, and Financials closed lower.

The market is in a confirmed uptrend, and the number of volume distribution days is 2. If the number of volume distribution days increases to 4-5 and the market breaches crucial support, we would change the market status to a neutral trend.

The immediate support level stands at 20,750, while there is no resistance as the market is trading near its lifetime high.

Nifty50 Weekly Chart

BANK NIFTY:

Bank Nifty ended its 4-week gaining streak and closed the week with a 1.35% loss. Similar to Nifty, Bank Nifty experienced a sharp decline on Wednesday but bounced back strongly on Thursday from the 10 EMA. We may anticipate the next momentum in Bank Nifty after reaching 48,220.

The potential support level is around 46,400, and currently, there is no resistance as the market is trading near its lifetime high.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty FMCG (1.7% Up)

• Varun Baverages (12.1%)
• Britannia (5.03%)
• Tata Consumer Product (3.99%)

Worst Performing Sector of the Week

Nifty Financial Services (-1.54%)

• PFC (-6.16%)
• Rec Ltd (-5.85%)
• HDFC Life (-4.94%)

 

Key News

• Bharat Electronics received orders worth Rs 2,759 crore.
• KPI Green Energy’s subsidiary bags a 1.8 MW solar project.
• Godawari Power & Ispat gets Chhattisgarh environment body ‘consent to operate’ for enhanced capacity at Raipur plant.
• Psp Projects emerged as the lowest bidder for a project worth Rs 158 crore from the Gujarat government.
• State Bank Of India signs a $165M line of Credit to support a grid-connected rooftop solar PV project from the World Bank.

 

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[/vc_column_text][/vc_column][/vc_row]