Weekly Update

NIFTY:

Nifty surged to new record highs amidst considerable volatility in the first week of the fiscal year, ultimately closing above the 22,500 mark with a gain of 0.84%. 

Technical analysis suggests a bullish trend for the upcoming week, contingent upon the index maintaining above the 22,200 level at close. Resistance is anticipated at 22,800 and the psychological threshold of 23,000. 

Noteworthy call open interest at 23,000 indicates a key resistance level, while significant put interest at 22,500 underscores a crucial support level. Overall, the market outlook remains positive, although traders should remain mindful of potential resistance points and market fluctuations.

Nifty50 Weekly Chart

 

BANK NIFTY:

Bank Nifty demonstrated resilience as it surpassed the critical 48,000 mark, finishing the period with a robust 2.90% gain. Moving forward, the index is expected to uphold its optimistic trajectory, subject to its ability to sustain above the 48,000 level. Potential resistance is foreseen around 49,000, followed by 49,500.

Options data indicates substantial call open interest at 50,000, signaling a pivotal resistance level, whereas notable put interest is evident at 48,000, implying a crucial support level.

Both Midcap and Smallcap indices demonstrated robustness throughout the week, with Midcap rising by 4% and Smallcap by an impressive 7.1%. The underlying momentum is expected to persist in both indices for the upcoming week.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty Media 6.7%

-Dish TV 13.13%

-Hathway Cable 12.8%

-Saregama 12.3%

Nifty Media chart

 

Key News

• Titan Company has registered a revenue growth of 17% YoY in Q4FY24. A total of 86 store (net) were added in the quarter. The retail network presence stands at 3035 stores.
• GE Power India bags Rs 10 crore order from the Mangalore Refinery and Petrochemicals Ltd. 
• Gland Pharma as received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate Injection, 0.5 mg/mL Single Dose Vial (Product). 
• Aurobindo Pharma has appointed Mr. T. Vijaya Kumar as President- R&D (Specialty Drug Delivery) effective April 5, 2024. Accordingly Mr. T. Vijaya Kumar will be part of the Senior Management team of the Company.