Weekly update

NIFTY:

Indian markets extended their rally for the second consecutive week, with benchmarks reaching new all-time highs. This upward momentum was driven by moderate inflation data from both the US and domestic fronts, positive cues from global markets, and sustained buying by Foreign Institutional Investors (FIIs). Additionally, the Federal Open Market Committee (FOMC) meeting outcome aligned with market expectations, further boosting investor confidence.

Despite this bullish sentiment, the Nifty index consolidated within a narrow range last week and struggled to surpass the immediate hurdle at the 23,500 level. 

An hourly close above this level is likely to propel the index to higher levels. For the coming week, immediate resistance is identified at 24,000, with crucial support at 23,000. 

Options data reveals significant call open interest at 24,000, indicating critical resistance, while substantial put interest at 23,400 underscores pivotal support.

Nifty50 Weekly Chart

 

BANK NIFTY:

Bank Nifty also consolidated within a small range last week but managed to close above the psychological 50,000 level, gaining 0.4% for the week.

The overall outlook remains positive for the coming week, with anticipated support at 49,000 and probable resistance at 51,000. A close above 50,300 is likely to trigger further momentum, potentially testing higher levels.

Options data reveals substantial call open interest at 51,000, marking a critical resistance point, while significant put interest at 49,000 highlights pivotal support.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week:

Nifty Realty Index 5.56%

-Sunteck Realty 10.68%

– Macrotech Developers 8.63%

– Sobha Ltd. 4.56%

Nifty Realty Weekly chart

 

Weekly Performance Update

Here’s our performance update for this week!

 

Key News

• Bharti Airtel prepays Rs 7904 crores to clear high cost deferred liabilities for spectrum acquired in 2012 and 2015. 
• Roto Pumps bags an order of Rs 14.4 crore rom GPS Renewables Pvt Ltd. 
• RVNL emerges as the lowest Bidder of a Rs 160 crore project of East Coast Railway. 
• Blue Dart has announced the appointment of Dipanjan Banerjee as the Chief Commercial Officer (CCO) of Blue Dart Express, effective June 2024. 
• The RBI has approved the re-appoinment of Mr Sanjeeb Chaudhuri as the Part-Time Chairman of the Bank, for period from August 25, 2024 to May 09, 2027.