Weekly update

NIFTY:

During the shortened week ending June 21, the broader indices showed mixed performance despite reaching new highs. The benchmarks recorded modest gains amid volatility, influenced by mixed global signals, slow monsoon progress, expectations for the upcoming Union budget, and renewed foreign institutional investor (FII) interest. 

On the weekly chart, the Nifty formed a doji candle, indicating market indecision. A decisive break below the 23,400 level could lead to further weakness, with the next crucial support at 22,800, while potential resistance remains at 24,000. 

Options data reveals significant call open interest at 24,000, highlighting strong resistance, and substantial put interest at 23,000, underscoring pivotal support. The market is at a critical juncture, with volatility driven by external factors. Traders should monitor for a breakout above 23,700 or a breakdown below 23,400 to determine the market’s direction in the coming week.

Nifty50 Weekly Chart

 

BANK NIFTY:

Bank Nifty achieved a robust breakout this week, propelled by private banks, closing up 3.3%. The immediate hurdle is at 52,000; surpassing this level could strengthen the upward momentum. 

The outlook for the coming week remains optimistic, with support anticipated at 50,400 and resistance at 53,000. A close above 52,000 is likely to trigger further advances, potentially reaching higher levels. 

Options data indicates significant call open interest at 52,000, highlighting it as a key resistance point, while notable put interest at 51,000 underscores critical support.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty Private Bank Index 4.17%

• City Union Bank 7.77%
• Bandhan Bank 7.66%
• IDFC First Bank 7.01%

Nifty Private Bank Weekly chart

 

Worst Performing Sector of the Week

Nifty FMCG Index -2.16%

• Colgate Palmolive -4.28%
• P&G Hygience and Health Care -3.59%
• Godrej Consumer Products -2.59%

Nifty FMCG Weekly chart

 

Weekly Performance Update

Here’s our performance update for this week!

 

Key News

• MCX: The Board of Directors of the Company have shortlisted the names of candidates for the post of MD & CEO. The Company will initiate seeking regulatory approvals for the appointment. 
• IREDA has successfully raised Rs 1500 crore today through issuance of bonds. The bond issuance consisted of a base issue of Rs 500 crore and green shoe option of Rs 1000 crore. 
• Rail Vikas Nigam bags an order of Rs 191.5 crore from SER HQ-ELECTRICAL/ SOUTH EASTERN RAILWAY. 
• Maruti Suzuki India has expanded its popular FRONX Velocity Edition across the SUV’s 14 variants comprising 1.2L (Petrol and CNG) and 1.0L powertrain options with a choice of manual and automatic transmissions. 
• Cipla: The USFDA has conducted an inspection at the Company’s manufacturing facility in Goa, India from 10th-21st June, 2024. On conclusion of the inspection, the Company received 6 inspectional observations in Form 483.