Weekly Update

NIFTY:

The Nifty showed limited movement during the week ending February 9, characterized by significant fluctuations amidst uncertainty. Although the index encountered resistance near the 22,000 mark, it found support and closed above the 20-day Exponential Moving Average (EMA) on the daily chart. It ended the week with a loss of 71.3 points or 0.32 percent, settling at 21,782.5. 

While the NSE Midcap and Small-cap indices hit new highs initially, profit booking in the final two trading sessions led to some decline, though they managed to rebound and close above the 10-day EMA on the daily chart. Looking ahead, the potential resistance for the next week is anticipated around 22,200, with immediate support expected at the 21,300 level.

Nifty50 Weekly Chart

BANK NIFTY:

The Nifty Bank faced resistance from the 20-day Exponential Moving Average (EMA) in the daily chart throughout the week but showed resilience by recovering from Friday’s session lows. A breakthrough above the 20 EMA could signify a reversal in the prevailing trend. Looking forward, the likely resistance for the upcoming week is anticipated around 46,500, with immediate support seen at the 44,500 level.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty PSU Bank (7.4% Up)

• Indian Overseas Bank(36.6%)
• UCO Bank (23.8%)
• Punjab & Sind Bank (22.8%)

Nifty PSU Bank Weekly chart

Worst Performing Sector of the Week

Nifty Private Bank (-3%)

• City Union Bank (-7.6%)
• Kotak Mahindra Bank (-4.4%)
• HDFC Bank (-4.3%)

Nifty Private Bank Weekly chart

Key News

• Inox Wind December 2023 (Quarterly) Income at Rs 503 crore vs Rs 226 crore YoY. PAT at Rs 2 crore vs Loss of Rs 288 crore YoY. 
• Bandhan Bank December 2023 (Quarterly) PAT at Rs 733 crore vs Rs 291 crore YoY. GNPA at 7.02% vs 7.32% QoQ. Net NPA at 2.21% vs 2.32% QoQ. 
• Cello World December 2023 (Quarterly) Income at Rs 527 crore vs Rs 489 crore QoQ. PAT at Rs 91 crore vs Rs 87 crore QoQ. 
• Pennar Industries December 2023 (Quarterly) Income at Rs 745 crore vs Rs 692 crore YoY. PAT at Rs 25 crore vs Rs 21 crore YoY.