Weekly Update

NIFTY

The Nifty 50 index remained positive this week, reaching new highs and gaining over 1%. The BSE Midcap and Smallcap indices outperformed the large-cap index. 

Market strength is expected to persist unless the Nifty falls below 24,000, which could trigger profit booking. On Friday, despite a gap-down opening, the Nifty saw strong buying on dips and closed with a sharp intraday recovery. Upcoming key events include macroeconomic factors, the Union Budget, and Q1FY25 earnings reports. 

The underlying trend remains positive, with potential for an upside breakout around 24,500 and the next hurdle at 25,000. Immediate support levels are at 24,000 and 23,800. Options data indicates significant call open interest at 25,000, highlighting strong resistance, and substantial put interest at 24,000, underscoring pivotal support.

Nifty50 Weekly Chart

 

BANK NIFTY:

Bank Nifty experienced a volatile week, hitting a new high before a gap-down open on Friday. The index formed a shooting star pattern on the weekly chart and displayed negative divergence on the daily chart. 

A close below 52,000 is likely to trigger further short-term weakness. Key support levels are at 51,700, with immediate resistance at 53,500. Options data indicates significant call open interest at 53,000, highlighting it as a key resistance point, while notable put interest at 52,000 underscores critical support.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty IT Index 4.32%

– Persistent System 12.5%

– Coforge 7.5%

– Mphasis 7%

Nifty IT Weekly chart

 

Weekly Performance Update

Here’s our performance update for this week!

Key News

• Bajaj AUto launches the world’s first CNG Motorcycle ‘Bajaj Freedom 125’ at Pune facility. 
• Angel One- June business update: Client Base at 24.72 million vs 15.06 million YoY. 
• Ircon International bags an order of Rs 751 crore from Rail Vikas Nigam Limited. 
• Tata Power: ICRA has upgraded the rating of Tata Power Company Limited Long Term rating on the bank and debt facilities  from ‘ICRA AA/Positive’ to ‘ICRA AA+/Stable’.