Weekly Update

Posted by : Sheen Hitaishi | Sun Jan 14 2024

Weekly Update

NIFTY

Nifty experienced a week marked by volatility, initially exhibiting weakness but finding support at the 20-day Exponential Moving Average (EMA) in the daily chart. Ultimately, the index concluded the week on a positive note, surpassing a sideways range and registering a modest gain of 0.85%. As the new week approaches, the expectation is for a higher opening and a resumption of the upward trajectory. Notably, potential support and resistance levels for the upcoming week are identified at 21500 and 22500, respectively, subsequent to a breakout from the prevailing range.

Nifty50 Weekly Chart

Nifty 50 Index

BANK NIFTY:

Nifty Bank commenced the week on a downtrend but rebounded from the psychological support threshold of 47000, ultimately closing above 47700. Despite a marginal weekly decline of 0.93%, the index maintained its position within a trading range. Critical support is discerned at 46900, while a probable resistance zone is observed at 48600.

Bank Nifty Weekly Chart

Bank Nifty

Top Performing Sector of the Week

Nifty IT (4.79% Up)

– Coforge (8.5%)

– HCL Technologies (7.54%)

– Infosys (5.23%)

Nifty IT Weekly chart

Nifty IT

Worst Performing Sector of the Week

Nifty FMCG (-2.05%)

  • Emami Ltd (-7.09%)
  • United Breweries (-4.92%)
  • Nestle (-4.38%)

Nifty FMCG Weekly chart

FMCG

Key News

  • GHCL limited signed two MOUs for investing Rs 3450 crores in Gujarat. 
  • Larsen & Toubro: Nexus Select Trust likely has signed a preliminary agreement  to acquire three malls from Larsen & Toubro in Hyderabad for $300-$350 million. 
  • ABB India Limited has received an order from Deputy Commissioner of Commercial Taxes, Bengaluru imposing a penalty amounting to Rs 3,71,02,053. 
  • Tata Power: Tata Power Renewable Energy Ltd, a subsidiary of the company, has signed a Memorandum of Understanding with the Government of Gujarat to develop 10,000 MW of Renewable Energy Power projects across multiple sites in Gujarat. 

 

 

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