Weekly Update

NIFTY:

The index, after hitting a new lifetime high at the start of the week, faced significant resistance at the upper channel and declined steadily, ending the week down by -1.86%. 

The upcoming June series is expected to be volatile, with the election results on June 4 being a key focal point for traders and investors, especially with the current ruling government poised for another term. While the outcome seems certain, attention will shift to the margin of victory, which could spark market excitement.

Bulls are poised to strengthen their grip on D-Street in the upcoming market session on Monday, June 3. Most exit polls, released on Saturday, forecast that the Bharatiya Janata Party (BJP)-led NDA is likely to secure over 350 of the 543 seats in the Lok Sabha elections.

For the coming week, immediate support is identified at 22,400, with crucial support at 22,000. Probable resistance levels are at 23,000 and 23,500. 

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

Nifty50 Weekly Chart

 

BANK NIFTY:

Bank Nifty experienced profit booking in the first half of the week, followed by some recovery in the last two trading sessions, closing just below the psychological 49,000 level, up 0.03% for the week. 

Anticipated support for the coming week is at 48,000, with probable resistance at 49,500 and 50,000. The outlook remains positive, 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 48,500 highlights a pivotal support level.

Bank Nifty Weekly Chart

 

Worst Performing Sector of the Week

Nifty IT Index -4.25%

-Tech Mahindra -7.06%

-Wipro -5.50%

-TCS -4.64%

Nifty IT Weekly chart

 

Weekly Performance Update

Here’s our performance update for this week!

 

Key News

• MOIL: The prices of all Ferro grades of manganese ore with Manganese content of Mn-44% and above have been increased by 35% and Manganese content below Mn 44% have been increased by 30%.
• Mactrotech Developers: Crisil has upgraded the rating for long term bank facilities to CRISIL AA-/Positive from CRISIL A+/Stable.
• Cochin Shipyard ‘s arm bags order in the range of Rs 100-250 crore from Adani Group company for ASD tugs.
• Dr Reddy’s Laboratories is recalling 1176 bottles of an immunosuppressant medication in US. 
• Sun Pharmaceutical Industries recalling 35,069 bottles of medication in US used to treat high pressure inside the eye due to glaucoma or other eye diseases.