Weekly update

Posted by : Sheen Hitaishi | Sat Jun 08 2024

Weekly update


The past week was one of the most volatile and exciting weeks seen in the stock markets in the last few years. The excitement on Monday caused exuberance in the markets touching an all-time high, with exit polls suggesting that the current government will be back in a stronger position. However, when reality dawned on Tuesday, which was the counting day, the lesser than expected performance of the leading political party caused a panic in the markets causing one of the biggest intraday falls in the last four years. As the reality of the election numbers sunk on Wednesday, and a clarity that the leading political party would have a strong government along with its pre poll and other new partners, there was no looking back for the Nifty which rallied to test the high it made at the beginning of the week.

Nifty Daily

Nifty Daily chart

The all-time high level that the Nifty touched on Monday was 23,338 and the low made on Tuesday was 21,281, a staggering difference of 2,057 points. As the Nifty closed on Friday at 23,290, completely covering the fall, it is not likely to touch the lowest point of last week in the next few months.  After such a strong move in the latter half of last week, the Nifty is expected to continue its upward momentum in the coming week. The immediate resistance level would be at 23,500 while 22,000 will act as a strong resistance.

Nifty Weekly

Nifty Weekly chart



The Banknifty also followed a trajectory similar to the Nifty, touching new highs of 51,133 at the beginning of last week, followed by a sharp fall touching the lowest levels of 46,077 on Tuesday and the surging in the next three days to close at 49,803 on Friday.

While the Nifty has almost touched its all-time high on Friday, Banknifty still remains around 1200 points away from all time highs. Probably, it will test this high in the coming week, which is also likely to act as its resistance level. On the other hand, 49,000 is expected to act as a strong support level.

Nifty Bank Daily

Bank Nifty Daily Chart


Top Performing Sector of the Week:

This Nifty IT sector was the top performing sector of the week

Major gainers from this sector include:

Persistent Systems – up by 12.9%

Wipro – up by 10.6%

Coforge – up by 9.3%

Nifty IT Daily

IT Daily Chart


Worst Performing Sector of the Week

The Nifty PSE index was one of the worst performing sectors this week.

Major losers from this sector include:

REC – down by 7.6%

Hindustan Aeronautics Limited – down by 4.6%

BHEL – down by 4.5%

BPCL – down by 4.5%

Nifty PSE Daily

PSE Index daily chart


Weekly Performance Update

Here’s our performance update for this week!

Performance Sheet


Important News

  • NHAI invites global bids for GNSS-based electronic toll collection, in a move  aimed at putting an end to physical toll booth on highways
  • GRSE signs $16.6 million contract to supply advanced dredger to Bangladesh
  • Hero MotoCorp invests ₹124 cr to pick up 2.2% additional stake in Ather Energy
  • Bajaj Housing Finance files DRHP with SEBI to raise ₹7,000 crore via IPO
  • India begins importing Myanmar corn duty-free to meet surging demand
  • SEBI to allow MFs launch new product on credit default swaps

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