NIFTY50
Nifty ended the week 1.38% higher. All sectors closed in green this week. Market is in a Neutral trend right now. A follow-through strong day (a day where nifty is up by 1.5% and volumes are higher than last trading session’s volume) will be required to shift market from neutral to uptrend.
The Nifty index is expected to have a support level of 17200 in the upcoming week, with 17800 projected to act as a resistance. To avoid a bearish sentiment in the market, it is anticipated that the Nifty will not end below 17200. On the flip side, if the Nifty breaches its recent low of 16,828, the market status will be moved back to a Downtrend.
Some small cap stocks which can be kept in focus are – Anant Raj, Action Construction Equipments, Kirloskar Brothers, RK Forgings and Universal Cables.
Nifty50 Weekly Chart
BANK NIFTY
Bank Nifty ended 1.06 % higher this week. HDFC Bank and Kotak Mahindra Bank were the 2 leaders.
For the upcoming week the Bank Nifty index is expected to have a support level of 40000, with 41600 projected to act as a resistance. Important Banks to watch out for the upcoming week are – ICICI Bank and Bank of Baroda.
Bank Nifty Weekly Chart
Top Performing Sector of the Week
Nifty Realty 4.3% Up
- India Bull Real Estate 11.96% Up
- Godrej Properties 9.15% Up
- DLF 7.35% Up
KEY NEWS
- G M Breweries’s Q4 FY23 revenue grew 9.8% y/y to Rs 156 crore. Profit fell 12.5% y/y to Rs 35.1 crore.
- Prakash Industries has prepaid the entire term loan of Rs 33 crore to Indostar Capital Finance ahead of its maturity to reduce the pledge of the promoter’s shares.
- Singer India’s MD, Rajeev Bajaj, will step down to pursue other interests. The company has appointed Rakesh Khanna as Executive Vice Chairman and Managing Director, with effect from April 5.
- Dalmia Bht.Sug.& Inds.’s board approved the setting up of a grain-based distillery at the Nigohi unit with a capacity of 250 KLPD, with a capital expenditure of Rs 400 crore to increase its capacity to 1,100 KLPD. This distillery is expected to be commissioned by September. The board has also approved capacity expansion at the Ramgarh sugar unit from 6,600 TCD to 7,000 TCD at a capex of Rs 14 crore.
- Equitas Small Finance Bank’s Q4 FY23 gross advances increased 36% y/y to Rs 28,061 crore. Disbursements increased 80% y/y to Rs 5,917 crore. CASA ratio declined to 42% from 52% a year ago.
- The RBI kept the repo rate unchanged at 6.5% and continued the “withdrawal of accommodation stance”
About the Author
Sagar Wadhwa
Sagar Wadhwa is a Senior Equity Research Analyst who is a key member of the research team at Univest. He has extensive knowledge and expertise in the stock market, financial analysis, and investing and uses this expertise to provide valuable insights to the research team.
Note – This channel is for educational and training purposes only & any stock mentioned here should not be taken as a tip/recommendation/advice
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