Weekly Update

Posted by : Sheen Hitaishi | Sun Apr 02 2023

Weekly Update

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NIFTY50

The Nifty 50 ended this week with surprising gains on the last two trading days, resulting in a 2.45% increase for the week. This week’s positive closing comes after three consecutive weeks of negative closings. The Nifty 50 closed at 17359, which is a positive sign, given that the immediate support level for Nifty was at 17000, and the Nifty closed substantially above this level.

The Nifty is now trading above the 20 EMA level but below its 50 EMA level. The next resistance level for the index is at 17470, where it will also cross the 50 EMA and this would give further strength to head higher.

For the next week, the immediate target level is 17470; however, if the strength continues, it may even touch levels of 17600 by the end of the week. There are higher chances of the Nifty heading higher this coming week rather than giving up the gains of this week.

Nifty50 Weekly Chart

nifty 50

BANK NIFTY

Similar to the Nifty 50, the Banknifty also surprised with gains on the last two trading days, ending 3.06% higher this week. The Banknifty closed positively this week after three weeks of negative closing, reaching a level of 40608 and closing above the 20 EMA while touching the 50 EMA level.

The Banknifty chart appears slightly stronger than the Nifty at this point and has the potential to touch the next resistance level of 41300 next week. However, given the strength it is showing and a possible trend reversal from here on, it could surpass the next resistance levels of 41600 and 41950 in the coming weeks.

Bank Nifty Weekly Charts

Bank Nifty

Top Performing Sector of the Week

Nifty PSU Bank

Major gainer from this index include:

  • Bank of Baroda – up by 5.7%
  • Punjab and Sind Bank – up by 4.5%
  • State Bank of India – up by 3.6%
  • Canara Bank – up by 3.9%

Nifty PSU Bank Index Weekly Chart

PSU bank

Worst Performing Sector of the Week

BSE Power

  • Major losers from this sector include:
  • Adani Green Energy – down by 14.4%
  • Adani Transmission – down by 11.7%
  • Tata Power – down by 1.3%

BSE Power Weekly Chart

BSE power

Important News

  • GST collections cross ₹1.60 lakh crore in March, FY23 closed with ₹18-lakh crore plus revenue.
  • Tata Motors total domestic sales increase by 3% at 89,351 units in March.
  • The Indian markets regulator SEBI on Wednesday allowed private equity firms to serve as promoters of Indian mutual funds, in a move that may accelerate consolidation in the country’s ₹41 trillion mutual fund industry.
  • Gold price rises Rs 330 to Rs 60,000, silver jumps Rs 700 to Rs 74,000. The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 55,000.
  • The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,150, Rs 55,050, and Rs 55,900, respectively.
  • NTPC records highest-ever power generation of 400 BU in FY23. NTPC continues to demonstrate an upward trend in coal production from its captive mines, with coal production of 23.2 Million Metric Tonnes (MMT) with a robust growth of over 65 per cent vis-a-vis the previous corresponding year.

 

ABOUT THE AUTHOR

Ketan Sonalkar (SEBI Rgn No INA000011255 )

Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.

Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

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