Weekly Update

NIFTY:

The Nifty initiated the week on a bullish note, achieving a new lifetime high and closing above the 22,000 level. However, the week concluded with a flat performance with a negative bias amidst  volatility during the week. 

The weekly gain stood at 0.78%, forming a bullish candlestick pattern indicating potential upward momentum. There is a likelihood of consolidation and minor profit booking in the upcoming week, with support identified at 21,800 and an attempt to breach the psychological hurdle at 21,500. 

As per the options data, maximum Call open interest is observed at 23,000, followed by 22,500 and 22,300, while maximum Put open interest is concentrated at 22,000, followed by 21,500. 

Meanwhile, the midcap and smallcap indices experienced profit booking during the week but recovered in the last two sessions, closing above the 10 EMA in the daily chart, hinting at resilience and potential strength in these segments.

Nifty50 Weekly Chart

 

BANK NIFTY:

The index cleared a hurdle early in the week, propelled by a robust Tuesday session marked by a strong candle, resulting in a positive crossover of the 10 and 20 EMA. However, the latter part of the week witnessed some resistance at higher levels. 

The weekly gain amounted to 0.92 percent, accompanied by the formation of a bullish candlestick pattern on the weekly charts, characterized by a long upper shadow, indicating selling pressure at elevated levels. 

Looking forward, the immediate resistance is noted at 47,500, followed by a significant hurdle at 48,000. A potential support level is identified at 46,000.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

Nifty Realty (4.08% Up)

–  Godrej Properties (7.2%)

– Phoenix Mills (6.49%)

–  Mahindra Lifespace (4.44%)

Nifty Realty Weekly chart

Worst Performing Sector of the Week

Nifty Oil & Gas (-0.82%)

• HPCL (-6.74%)
• IOC (-5.96%)
• BPCL (-5.60%)

Nifty Oil & Gas Weekly chart

Key News

• Zaggle Prepaid Ocean Services Ltd. has entered into an agreement with Benetton India Pvt. Ltd. Zaggle would provide Benetton India the Zaggle Save proposition, a Benefits & Expense management platform. 
• JSW Infrastructure has received Letter of Award from V.O. Chidambaranar Port Authority for “Mechanization of North Cargo Berth-III for Handling Dry Bulk Cargo V.O. Chidambaranar Port on Design, Build, Finance, Operate and Transfer basis”.
• Sona Blw Precision Forgings: India Ratings has upgraded the Company’s Long Term Rating on bank facilities to ‘IND AA+/Stable’ from ‘IND AA’/Positive.