Weekly Update

NIFTY:

The Nifty 50 ended a four-day winning streak as traders booked profits on the first day of the July series. Opening higher at 24,086 and hitting a new high of 24,174, the index closed at 24,011, down 34 points. This formed a bearish candlestick with an upper shadow, indicating selling pressure at higher levels. 

A move below the immediate support of 23,800 could signal further weakness, while sustaining above 24,200 might negate this bearish trend. Probable support for the week stands at 23500 while potential resistance remains at 24,500. For the week, Nifty gained 2.17%, forming a bullish engulfing pattern on the weekly charts, indicating that the bulls maintain control, albeit in uncharted territory. 

Options data reveals significant call open interest at 24,500, highlighting strong resistance, and substantial put interest at 23,500, underscoring pivotal support

Nifty50 Weekly Chart

 

BANK NIFTY:

The Bank Nifty index formed a bearish candlestick pattern, creating an evening star formation on the daily charts. For the coming week, some consolidation is expected, with a break below Friday’s low likely to trigger further downside weakness. 

Key support levels are at 51,700, with the next crucial support at 51,000. The recent high will act as an immediate hurdle, and a sustained close above 53,200 could trigger further upward momentum. 

Options data indicates significant call open interest at 53,000, highlighting it as a key resistance point, while notable put interest at 51,500 underscores critical support.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty IT Index 2.72%

– Persistent System 7.53%

– LTIMindtree 5.05%

– Wipro 4.95%

Nifty IT Weekly chart

 

Worst Performing Sector of the Week

Nifty Realty Index: ( -2.4%)

– Sobha -4.97%

– Macrotech Developers -5.72%

-Mahindra Lifespace Developers -3.98%

Nifty Realty Weekly chart

 

Weekly Performance Update

Here’s our performance update for this week!

 

Key News

• Bharat Heavy Electricals likely has bagged a 133 billion order from Damodar Valley Corp to set up a 1600 MW thermal power plant in Koderma in Jharkhand
• The India Cements likely is in advanced talks with Bank of America and Nomura to raise up to 5 billion through bonds, with each investing ₹2.50 billion
• Reliance Industries: Reliance Retail Ventures likely injected ₹7.92 billion into its fast moving consumer goods business, Reliance Consumer Products, in 2023-24 through debentures
• Infosys BPM, the business process management arm of Infosys is pleased to announce the inauguration of its second facility at the Montana Industrial Park in Aguadilla, Puerto Rico