Nifty 50 and BSE Sensex ended the week’s last trading session on a steady note. The Nifty 50 closed at 19,435.30, while the Sensex closed the trading session at 65,387.16 led by metals, public sector enterprises and auto. NTPC, JFS, ONGC, JSW Steel and Tata Steel were the top gainers on the NSE Nifty 50, while the losers included Cipla, HDFC Life Insurance, Dr Reddy’s Labs and Nestle India.
The broader markets settled largely in the green, with Nifty Smallcap 50 and Nifty Smallcap 100 adding 1.61% and 1.17% respectively. Bank Nifty surged 1.02% to settle at 44,436.10. Nifty Metal, Banks, Auto and IT were the leading gainers among the other sectoral indices, while Nifty Pharma and Healthcare index faced corrections.
Weekly Roundup
“Indian equities posted healthy gains this week. Large indices like BSE-30 and NSE-50 gave weekly returns of close to 1%. Indian mid-cap and small-cap indices outperformed the large-cap index. On the sectoral front, BSE Metals and BSE Realty indices saw weekly gain in excess of 5%. Other sectors that gave healthy weekly gains include BSE Commodities, BSE Auto, BSE Capital Goods and BSE Power. On the other hand, the BSE FMCG index posted a negative return. India’s real GDP growth in Q1FY24 came in at 7.8%. In the near term, markets is expected to keep a close watch on the impact of weak monsoons in August 2023 and rising crude oil prices,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Nifty 50 technical view
“Nifty has started the September series on a bullish note, as the index has moved above the 21EMA for the first time in several days. This suggests the potential for a bullish reversal. Additionally, the index has broken out of a falling channel, further indicating increasing bullish sentiment. Looking at the higher end of the spectrum, there is now a resistance level at 19,530 points. If the Nifty manages to breach this resistance, it could signal a continuation of the uptrend. On the lower end, there is strong support at 19,340 points,” Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty short-term target 45000
“Bank Nifty has also witnessed a sharp pullback. It has held on to its 20-week moving average support (44,144) and also closed in the green. We expect the pullback to continue over the next week as well. Daily and Hourly momentum indicator has a positive crossover which is a buy signal. We expect Bank Nifty to target levels of 45,000 from a short-term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.