Weekly Update

NIFTY

Nifty closed at a record high above 24,500 amidst a volatile week, driven by strong gains in the IT sector, led by Tata Consultancy Services (TCS) after stellar Q1 results. Investor sentiment was boosted by hopes of a US Federal Reserve rate cut and robust buying in Reliance Industries (RIL) and Infosys.

Market strength is expected to persist unless Nifty drops below 24,000, which could trigger profit booking. Key upcoming events include macroeconomic indicators, the Union Budget, and Q1FY25 earnings. 

The index’s next major resistance is at 25,000, with immediate support at 24,000 and 23,800. Options data reveals significant call open interest at 25,000, indicating strong resistance, and substantial put interest at 24,000, highlighting pivotal support.

Nifty50 Weekly Chart

 

BANK NIFTY:

Bank Nifty ended the week nearly flat, down by -0.72%, but held above the 52,000 mark. It has maintained this level for two consecutive sessions, finding support at the mid-Bollinger line or 20 EMA.

A close below 52,000 could signal short-term weakness. Key support is at 51,700, with immediate resistance at 53,300. Options data indicates significant call open interest at 53,000, highlighting it as a major resistance point, while substantial put interest at 52,000 underscores critical support.

Bank Nifty Weekly Chart

 

Top Performing Sector of the Week

Nifty FMCG Index 3.56%

• ITC 5.85%
• Marico 5.65%
• Godrej Consumer 5.1%

Nifty FMCG Weekly chart

 

Worst Performing Sector of the Week

Nifty Metal Index (-2.63)

• Jindal Stainless -5.38%
• Tata Steel -3.45%
• Vedanta -5.1%

Nifty Metal Weekly chart

 

Weekly Performance Update

Here’s our performance update for this week!

 

Key News

• Suven Pharceuticals Ltd has acquired 51% of the share capital on a fully diluted basis o Sapala Organics Private Limited. 
• IREDA June 2024 (Quarterly) Income at Rs 1510 crore vs Rs 1143 crore YoY. PAT at Rs 384 crore vs Rs 295 crore YoY. 
• 5Paisa Capital June 2024 (Quarterly) Income at Rs 102 crore vs Rs 85 crore YoY. PAT at Rs 20 crore vs Rs 15 crore YoY. 
• HCL Technologies June 2024 (Quarterly) Income at Rs 28057 crore vs Rs 26296 crore YoY. PAT at Rs 4259 crore vs Rs 3531 crore YoY. 
• SIS Ltd has completed the secondary investment of Rs 2.17 crore ub Agarsha Senior Care Pvt Ltd.