Weekly Update

NIFTY:

Following a record high in the previous week, the market saw a sharp downturn amid increased volatility, driven by factors such as a stronger US dollar, elevated crude oil prices, and robust US inflation data, which dampened hopes for a US Federal Reserve rate cut in the early part of FY25. 

Global indicators hint at a gap down opening for Monday’s session, with expectations of continued volatility throughout the week. Immediate support is pegged at 22,300, with the next level at 22,000, while potential resistance stands at 22,800. 

Options data indicates significant call open interest at 22,700, suggesting a pivotal resistance level, while notable put interest is observed at 22,200, highlighting a crucial support level. Investors should exercise caution and remain adaptable to navigate the anticipated market fluctuations.

Nifty50 Weekly Chart

 

BANK NIFTY:

The market soared to a new record high amidst fluctuations, forming a doji candle for the week. However, there’s a possibility of short-term weakness ahead, with indications pointing towards potential weakness below the 48,400 mark. The anticipated support level for the week is expected to hold firm at 47,900, while resistance is likely around the 49,000 level.

Options data further underscores key levels of interest: there’s considerable call open interest at 49,000, signifying a significant resistance threshold, while notable put interest at 48,500 suggests an important support level. Investors should remain vigilant regarding these levels and adjust their strategies accordingly to navigate potential market movements.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty Metal 2.9%

-Hindustan Zinc- 27%

-Vedanta- 16.93%

-Hindustan Copper- 12.41%

Nifty Metal

 

Worst Performing Sector of the Week

Nifty Pharma -1.94%

-Granules -6.77%

-Sun Pharmaceutical -4.29%

-Cipla -3.63%

Nifty Pharma

 

Key News

• Tata Consultancy Services March 2024(Quarterly) Income at Rs 61237 crore vs Rs 59162 crore YoY. PAT at Rs 12502 crore vs Rs 11436 crore YoY. 
• Ami Organics to raise up to Rs 500 crore Qualified Institutions Placement.
• ISMT bags two orders worth Rs 344 crore from ONGC for supply of regular casing pipe. 
• Lemon Tree Hotels has opened a new resorts in Nepal- “Tigerland Safari”- A Lemon Tree Resort, in Chitwan”. This is the second property of the company in Nepal.