Weekly Update

NIFTY:

NIFTY exhibited resilience as it found support at the 10 EMA in the weekly chart, affirming the prevailing positive trend. The week commenced with robust momentum, maintaining volatility throughout its course. Despite achieving a fresh high on Friday, the latter half saw profit booking, resulting in a closure at 21,853.80. 

The enduring optimism in the underlying trend hinges on the index’s ability to stay above the 10 EMA in the weekly chart. Looking ahead, key levels to observe in the upcoming week are 21,300 as a crucial support and 22,300 as a significant resistance point.

Nifty50 Weekly Chart

 

BANK NIFTY:

Bank Nifty displayed positivity through the week, witnessing a notable recovery from lower levels. However, the latter part of Friday’s session marked a substantial 1000 points profit booking, encountering resistance from a previous hurdle in the daily chart. Despite the index’s inability to secure a close above the 20 EMA in the daily chart, the RSI’s downturn from the mid-50 level indicates short-term weakness. Noteworthy support stands at 44,500, while a significant resistance zone looms around 47,000.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty PSU Bank (11.5% Up)

–  Punjab & Sind Bank (40.3%)

– Indian Overseas Bank (22.7%)

– UCO Bank (22.7%)

Nifty PSU Bank Weekly chart

 

Key News

• State Bank of India December 2023 (Quarterly) PAT at Rs 11,064 crore vs Rs 15477 crore YoY. GNPA at 2.42% vs 2.55% QoQ; Net NPA at 0.64% vs 0.64% QoQ.
• Bank of India December 2023 (Quarterly) PAT at Rs 1930 crore vs Rs 915 crore YoY. GNPA at 5.35% vs 5.84% QoQ; Net NPA at 1.41% vs 1.54% QoQ.
• Tata Motors December 2023 (Quarterly) Income at RS 110,577 crore vs Rs 88,489 crore YoY. PAT at Rs 7,145 crore vs Rs 3,043 crore YoY.
• Clean Science Deceber 2023 (Quarterly) Income at Ts 195 crore vs Rs 237 crore YoY. PAT at Rs 63 crore vs 84 crore YoY.