Weekly Update
Posted by : Sheen Hitaishi | Sat May 11 2024
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NIFTY:
The market saw a sharp selloff but rebounded from lower channel support, buoyed by oversold PCR data hinting at a potential pullback. Further short covering rally is expected if the index maintains above 21900. Index has formed a weak candle for the week, down by -1.87%. Potential support for the upcoming week is around 21,900, and a breach below this level could lead to further weakness. Conversely, resistance is foreseen around 22,200 and next probable resistance stands at 22,500.
Despite expectations of a clear NDA victory, low voter turnout has cast uncertainty on the incumbent government’s seat count, causing volatility to spike, with India VIX up by over 2% to 18.5 which is likely to ease out post election.
Noteworthy call open interest at 23,000 indicates a key resistance level, while significant put interest at 22,000 underscores a crucial support level.
Nifty50 Weekly Chart
BANK NIFTY:
The Bank Nifty exhibited a bearish trend with 8 consecutive red candles, culminating in a bearish engulfing candle for the week, marking a decline of -3.07%. Currently trading at the channel support, there’s potential for a rebound if the index maintains above the 47300 level.
Expected support for the upcoming week is around 47000, and a breach below this level could lead to further weakness. Conversely, resistance is foreseen around 48500. Given the PCR data and support level, there’s a possibility of a short covering rally in the coming week.
Analysis of options data indicates significant call open interest at 48000, indicating a crucial resistance level, while notable put interest is observed at 47000, suggesting a pivotal support level.
Bank Nifty Weekly Chart
Top Performing Sector of the Week
Nifty FMCG Index 1.85%
-Marico 13.6%
-Britannia 6.80%
-Hindustan Unilever 6.56%
Nifty FMCG Weekly chart
Worst Performing Sector of the Week
Nifty PSU Nifty -6%
-Canara Bank -12.39%
-PNB -8.76%
-Bank of Baroda -7.37%
Nifty PSU Bank Weekly chart
Key News
- Thermax March 2024 (Quaterly) Income at Rs 2,764 crore vs Rs 2,311 crore YoY. PAT at Rs 188 crore vs Rs 156 crore YoY.
- Ami Organics March 2024 (Quaterly) Income at Rs 225 crore vs Rs186 crore YoY. PAT at Rs 26 crore vs Rs 27 crore YoY.
- Eicher Motors March 2024 (Quaterly) Income at Rs 4,256 crore vs Rs 3,804 crore YoY. PAT at Rs 1070, crore vs Rs 906 crore YoY.
- Finolex Industries March 2024 (Quaterly) Income at Rs 1,235 crore vs Rs 1,141 crore YoY. PAT at Rs 165, crore vs Rs 166 crore YoY.
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