Weekly Update

NIFTY:

The market experienced moderate gains of 0.33% during the week despite high volatility. This occurred after the Federal Reserve decided not to change interest rates and maintained its forecast of three rate cuts in 2024.

The index closed the week above the 22,000 level and ended above the 10 EMA (Exponential Moving Average) in the weekly chart. This suggests a positive outlook for the coming week.

The market is expected to remain positive as long as the 21,800 level holds on a closing basis. Probable resistance levels in the near term are identified at 22,300 and 22,500.

Call open interest is significant at 22,500, indicating a pivotal resistance level. Put interest is notable at 22,000, highlighting a pivotal support level.

Nifty50 Weekly Chart

 

BANK NIFTY:

The index experienced volatility throughout the week but ultimately closed with a gain of 0.58%. Notable resistance levels are identified at 47,500 and 48,000, while a potential support level is noted at 45,800-46,000.

Call open interest is significant at 47,000, suggesting a pivotal resistance level. Put interest is notable at 46,500, indicating a pivotal support level.

Both the Midcap and Smallcap indices saw recovery in the last two trading sessions despite overall volatility. Midcap index rose by 1.34%, while the Smallcap index increased by 1.41% over the week.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty Realty 5.34%

-Sobha 18.78%

– Macrotech Developers 15.36%

– Oberoi Realty 9.14%

Nifty Realty chart

 

Worst Performing Sector of the Week

Nifty IT -6.17%

-Infosys -7.66%

– TCS -7.31%

– HCL Technologies -5.43%
Nifty IT Weekly chart

 

Key News

• Ultratech Cement has commenced 1 mtpa brownfield cement capacity at Roorkee, Uttarakhand taking the Unit’s capacity to 2.1 mtpa. 
• Maruti Suzuki India to recall 11,851 units of Baleno and 4,190 units of WagonR manufactured between 30th July, 2019 and 1st November, 2019. 
• Maruti Suzuki India Ltd has agreed to acquire an equity stake of 6.44% in Amlgo Labs Pvt Ltd. 
• RVNL has signed MoU with M/s. Airports Authority of India (AAI)” for construction of Subway/ Underpass to connect operational area to the Airport Authority of India residential colony in Kolkata. The estimated cost of the project us Rs 229.43 crore.