Weekly Update-6 December 2024

NIFTY50

The Nifty 50 index ended the week of December 6, 2024, on a positive note, gaining 2.3% to close at 24,677. This marked the third straight week of gains, supported by a robust performance in banking, healthcare, and financial services. HDFC Bank reached a 52-week high, while Apollo Hospitals also stood out among the gainers. In contrast, sectors like telecom and pharma underperformed, with Bharti Airtel and Cipla declining. Technical analysis showed strong support near 24,250, while resistance levels were observed around 25000. Market sentiment remained optimistic, underpinned by increased investor activity and a favorable macroeconomic backdrop. Open interest trends reflected bullish momentum, with significant trading volumes in key sectors like banking and technology. The performance was further bolstered by rising investor confidence, as key sectoral indices such as Nifty Bank and Nifty Healthcare posted gains.

BANK NIFTY

The Bank Nifty index ended the week of December 6, 2024, on a positive note, recording a weekly gain of approximately 2.8% to close near 53,500 points. Despite volatility during the week, the index managed to maintain its bullish momentum, supported by strong buying in key banking stocks, including HDFC Bank and ICICI Bank. Technically, the index found firm support at 52,800, aligning with its 20-day moving average, while resistance was observed at 53,900. A Doji candlestick pattern on the weekly chart highlighted market indecision, suggesting a crucial juncture for the index. Analysts pointed out that sustaining levels above 53,900 could lead to further upward movement, whereas a breach of 52,800 might trigger a corrective phase. Strong investor confidence and institutional buying were key drivers behind the gains, reflecting optimism in the banking sector’s growth prospects.

Top Performing Sector of the week

The Nifty Realty was best performing sector of the week 

Major gainers include:-

Macrotech Developers: up by 9.42%

Phoenix Mills: up by 6.95%

Oberoi Realty: up by 6.77%

Prestige Estate : up by 5.31%

Worst Performing Sector of the week

The Nifty FMCG was worst performing sector this week

Major losers from sector include:- 

Emami: down by 6.07%

Radico Khaitan: down by 4.82%

Dabur: down by 0.64%

Hindustan Unilever: down by 0.49%

Important News:-

• The healthcare sector saw notable movement, with Apollo Hospitals and Sun Pharma gaining investor confidence following regulatory approvals and new launches.

• L&T announced its acquisition plans to expand its engineering capabilities, a move that resonated positively with investors.

• HDFC Bank and ICICI Bank led the gains in the banking sector, contributing to the overall market rally.

• Oil and Gas: ONGC reported increased crude oil production, leading to a moderate rise in its stock price.

• Zee Entertainment received SEBI clearance for its merger with Sony, a development expected to create one of the largest media conglomerates in India.