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Weekly Update


Nifty ended the week 0.91 % lower. Barring Pharma and FMCG all other sectors closed in red this week.

Market is in Neutral trend as Nifty sustained the low of 16828 for 3 days. To move into uptrend, a strong follow-through day is required with the Nifty gaining 1.5% and with trading volumes higher than the previous day. 

In the upcoming week, the Nifty index is expected to have a support level of 16650 and a resistance level of 17700. 

To avoid a bearish sentiment in the market, it is anticipated that Nifty should not end below 16800 for two consecutive days. This is because a single closure below 16800 could trigger bearish attitudes among investors.

Nifty50 Weekly Chart


Bank Nifty ended 0.51 % lower this week and also broke the Budget week’s low and closed below it for the first time.

In the upcoming week, the Bank Nifty index is expected to have a support level of 38500, and a resistance level of 40700. 

If the daily closing price exceeds 40200, it would indicate a breakout of the double bottom pattern and level of 41700 will be open after that.

Bank Nifty Weekly Chart

Top Performing Sector of the Week

  • Nifty Pharma 0.68% Up

           –    Gland Pharma 8.06% Up

           –    Aurobindo Pharma 4.74% Up

           –    Sun Pharma 1.58% Up

Worst Performing Sector of the Week

  • Nifty Realty 4.52% down

           –    Sobha Limited 20.79% down

           –    Indiabulls Real Estate 9.95% down

           –    Lodha Developers 7.42% down

Key News

  • J Kumar Infraprojects and AICPL JV (55:45) received a Letter of Acceptance from Bangalore Metro for the construction & remoting of existing Baiyappanahalli Depot for Rs 249.2 crore.
  • Nbcc (India) conducted the 18th e-auction sale of commercial built-up space at the World Trade Centre, New Delhi. In the latest e-auction, four buyers successfully purchased approximately 1.05 lakhs square feet built-up area amounting to Rs 415.10 crore. To date, 15.49 lakh square feet of built-up area have been sold, amounting to Rs 6,251.90 crore.
  • Punjab National Bank will consider raising capital for FY24 through the issuance of Basel-III-compliant additional Tier-1 and Tier-II bonds in one or more tranches.
  • Power Grid Corp.Of India approved raising unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXII (72nd) issue 2022-23 on private placement up to Rs 600 crore.

Weekly Update

Weekly Update


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