Market Metrics: Weekly Roundup
Sensex 65,397.62 ⬇️
Nifty 50 19,542.65 ⬇️
Nifty Bank 43,723.05 ⬇️
Nifty Smallcap 100 12,927.40 ⬆️
Nifty Midcap 100 39,878.75 ⬇️
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Market Performance Key Takeaways For The Week
★ Nifty fell for a third consecutive session, ending the week with losses. Bank Nifty faces crucial support, and the market may struggle at higher levels, so consider a sell-on-rise approach. Also, the Nifty Midcap Index shows early signs of distress
★ The Bank Nifty closed the week 1.28% lower than the previous week, just above 43700. It's a significant contributor to the overall market's weakness and has hit a consistent support level at around 43600
★ Bank Nifty: Chart distortion suggests a potential for substantial price correction if the lower limit is breached, with the long-term 200SMA around 43200-43000 as a possible support
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News Highlights For The Week
★ Adani Group is nearing a $3.5 billion loan to refinance debt used for purchasing Ambuja Cements, potentially making it one of Asia's top 10 largest loans this year. The deal may be finalised this week
★ Tata Group is planning to invest another $1 billion in its super app venture, Tata Digital. The new funding is in addition to the $2 billion that Tata Group invested earlier this year
★ Zomato’s 1.1% equity was sold in a large trade on Friday. The seller was likely SVF Growth Singapore, a unit of SoftBank, which had planned to sell 9.3 crore shares for Rs 1,024 crore
★ Apple confronts challenges impacting its growth and valuation, including weak iPhone sales in China, technical problems, and the expectation of a fourth consecutive quarter of declining revenue in November
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Disclaimer:
1. This blog is exclusively for educational purposes.
2. The securities quoted are exemplary and not recommendatory.
3. Investments in securities market are subject to market risk, read all the related documents carefully before investing.
Sources: Angel One Research | Moneycontrol | BQ Prime
Date: October 20, 2023
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