Weekly Update

Nifty

Nifty commenced the week with a subdued start but concluded by reaching a record high, amidst notable volatility. The index achieved an all-time high of 22,420, ultimately closing 0.18% higher at 22,378.4 in a two-hour session conducted on Saturday to test disaster recovery measures.
Nifty registered a weekly gain of 0.75%, forming a bullish candlestick pattern. Overall momentum remains positive, with the pivotal level at 22,500 anticipated to be crucial for a potential move towards 23,000. Immediate support is established at 22,000.
Options data reveals maximum Call open interest at 23,000, 22,800, and 22,500, while maximum Put open interest is concentrated at 22,000, followed by 22,200.
Expectations for the upcoming week include potential consolidation and profit booking following three consecutive higher closes. A breakthrough above the 22,500 level is seen as a precursor to further upward movements.

Nifty50 Weekly Chart

 

Nifty Bank

Throughout the initial part of the week, the index experienced a decline, but a robust recovery unfolded during Thursday and Friday’s sessions, resulting in a weekly gain of 1.02% closing at 47286.9.
The week concluded with the formation of a bullish candlestick pattern on the weekly charts, distinguished by a substantial lower shadow, signaling a recovery from lower levels.
Moving ahead, immediate resistance is acknowledged at 47,500, with a noteworthy obstacle at 48,000. Meanwhile, a potential support level is identified at 46,500.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty Metals (3.6% Up)

– Steel Authority of India (7.54%)

– Hindustan Copper (7.07%)

–  Jindal Stainless (6.6%)

Nifty Metal Weekly chart

 

Worst Performing Sector of the Week

Nifty Media (-5.04%)

• Network 18 Media & Investments Ltd. (-10.37%)
• TV 18 Broadcast (-10.69%)
• Zee Entertainment (-8.68%)

Nifty Media Weekly chart

 

Key News

• Hero Motocorp: Total Sales in February at 4,68,410 units vs 3,94,460 units YoY. 
• Rainbow Children’s Medicare has inaugurated a new 80 beds spoke hospital, located at Anna Nagar, Chennai, Tamil Nadu. 
• Reliance Retail is likely in talks with Italian beauty brand Kiko Milano to acquire its Indian operations, enhancing its position in the beauty market and challenging rivals like Nykaa and Shopper Stop. 
• Trent fashion focused departmental store Westside likely has plans to inaugurate 20 to 30 new stores in the upcoming fiscal year and enhance its e-commerce operations  over the next year. 
• PVR Inox inaugurated 18 Screens across 2 new multiplexes- 14 screens in Pune and 4 screens in Patna.