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Market Metrics: Weekly Roundup⭐
Sensex: 72,831.94 ⬆️
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Nifty 50: 22,096.75 ⬆️
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Nifty Bank: 46,863.75 ⬆️
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Nifty Smallcap 100: 15,056.75 ⬆️
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Nifty Midcap 100: 47,312.85 ⬆️
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Market Performance Key Takeaways For The Week🌟 The trading week for
Nifty was marked by volatility, starting off with a decline as the benchmark slipped below its four weeks' low by mid-week. However, favourable global cues helped to reverse the downtrend, leading to a modest recovery by Friday.
🌟 A potential bearish trend could emerge if
Nifty breaks below its recent low, with immediate support levels at 21,900-21,850 and a critical swing low at 21,700. On the higher end, resistance is expected at 22,200-22,250. An upward move beyond this resistance could revive market optimism.
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Bank Nifty began the week with a slight gap down, experiencing pressure from sellers in the initial days but found support from buyers, leading to a recovery towards the end of the week. The week concluded at a high of 46,863 levels, though the short-term trajectory remains uncertain.
🌟 Investors are advised to adopt a
cautious approach, focusing on buying near support levels and selling at resistance. Short-term support for Bank Nifty is identified in the 46,400-46,100 zone, with more significant support at 46,000-45,750. Resistance lies around the 46,900-47,250 zone.
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News Highlights For The Week🌟
Apple's market value dropped by $113 Bn following a U.S. antitrust investigation that accuses the tech giant of monopolising the smartphone market and stifling competition, impacting smaller rivals and inflating prices.
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The Adani Group is constructing the Khavda Renewable Energy Park in Gujarat, India, poised to become the world's largest clean energy plant.
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Tata Sons has sold shares worth approximately ₹9,300 Cr ($1.2 Bn) in Tata Consultancy Services (TCS) through the open market.
🌟 The
Indian rupee reached a new record low against the U.S. dollar, dropping to 83.52 in intraday trading. This decline is part of a broader trend of weakening against the dollar amid a global surge in the U.S. currency.
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Disclaimer:
https://bit.ly/3usSGoH Sources: Angel One Research | Hindustan Times | CNN | NDTV Profit | Business Standard
Date: March 22, 2024