Weekly Update

Nifty:

The Indian benchmark indices hit fresh record highs, with Nifty surpassing the 23,000 mark for the first time. However, it failed to sustain these higher levels, closing just below 23,000. The index broke out from its consolidation zone, posting a strong weekly gain of 2.47%. 

A short-term pause near the psychological 23,000 level is possible, but buying on dips is recommended. Immediate support is seen at 22,700-22,800, with crucial support at 22,400. Probable resistance levels are at 23,200 and 23,500. 

Options data indicates significant call open interest at 23,500, marking a critical resistance, while substantial put interest at 22,500 highlights pivotal support.

Nifty50 Weekly Chart

 

Bank Nifty:

Bank Nifty retested and bounced from the lower channel support, witnessing a sharp recovery in the last two trading sessions to close just below the psychological 49,000 level, up 1.60% for the week. 

Anticipated support for the coming week is at 48,500, with probable resistance at 49,500 and 50,000. The outlook remains positive for the week, and a close above 49,000 is likely to trigger further momentum, testing higher levels. 

Options data reveals substantial call open interest at 50,000, marking a critical resistance point, while significant put interest at 48,000 underscores a pivotal support level.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty PSE Index 3.65%

-BEL 14.84%

-HAL 9.22%

-HPCL 7.60%

Nifty PSE Weekly chart

 

Weekly Performance Update

Here’s our performance update for this week!

 

Key News

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