NIFTY50
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
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.
- Zen Technologies bagged Rs 127 crore order from armed forces.
- 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.
