Weekly Update

Posted by : Sheen Hitaishi | Sat Apr 27 2024

Weekly Update

NIFTY:

Nifty commenced the May series on a negative note post recovery, up by 1.23% for the week. The index formed a bearish Dark Cloud Cover formation with immediate hurdle at 22600 level, above which next hurdle at 22800 level. However, probable support stands at 22200 and next crucial support at 22000 level. The outlook suggests buying on dips for the coming week.

Noteworthy call open interest at 22,500 indicates a key resistance level, while significant put interest at 22,000 underscores a crucial support level. Overall, the market outlook remains positive. 

Nifty 27-04

Nifty50 Weekly Chart

 

BANK NIFTY:

Bank Nifty displayed a doji candle, indicating indecision, despite a 1.32% increase for the week. The index saw upward movement with profit booking on Friday. 

Expected support for the week stands at 47,600, while resistance is anticipated around 49,000. The overall view remains positive, with the index likely to challenge previous highs. 

Options data reveals significant call open interest at 50,000, marking a crucial resistance level, while notable put interest is seen at 48,000, suggesting a pivotal support level. 

Both Midcap and Smallcap indices exhibited strength throughout the week, with Midcap rising by 3.96% and Smallcap by an impressive 4.37%. This underlying momentum is expected to persist in both indices for the upcoming week.

Nifty Bank 27-04

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty PSU Bank 6.44%

– Bank of India- 10.80%

-Bank of Maharashtra- 9.90%

– IOB- 8.98%

Nifty PSU Bank 27-04

Nifty PSU Bank Weekly chart

 

Key News

  • Maruti Suzuki India March 2024 (Quarterly) Income at Rs 38,471 crore vs Rs 32,214 crore  YoY. PAT at Rs 3,952 crore vs Rs 2,688 crore YoY. 
  • Bajaj Holding March 2024 (Quarterly) Income at Rs 2,716 crore vs Rs 1,353 crore YoY. 
  • Eveready Industries March 2024 (Quarterly) Income  at Rs 281 crore vs Rs 286 crore YoY. PAT at Rs 8 crore vs Loss of Rs 14 crore YoY. 
  • HCL Technologies March 2024 (Quarterly) Income  at Rs 28,499 crore vs Rs 26,606 crore YoY. PAT at Rs 3,995 crore vs PAT of Rs 3,981  crore YoY.

 

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