Market Metrics: Weekly Roundup
Sensex: 76,190.46 ⬇️
Nifty 50: 23,092.20 ⬇️
Nifty Bank: 48,367.80 ⬇️
Nifty Smallcap 100: 16,956.05 ⬇️
Nifty Midcap 100: 53,262.95 ⬇️
Market Performance Key Takeaways For The Week
While the week remained eventful on global and domestic fronts, the market managed to navigate it with minimal changes in price structure as the benchmark Nifty 50 closed just below 23100, registering a modest loss of around half a percent.
As the Nifty continued to slip for the third consecutive week and the key event of Union Budget now looking over the market, 22900-22800 is likely to serve as immediate support level followed by crucial support at 22500. On the upper side, immediate resistance is expected at 23400 and an unlikely breach above 24000 could trigger a bull run.
Market participants are advised to expect heightened volatility, closely monitor the levels and adjust their strategies accordingly. They should also remain agile in their stock selection as markets’ volatile movements and themes are likely to continue.
BANKNIFTY closed slightly below 48400 as it ended the week on a mildly negative note, making it the second consecutive week in which this heavyweight index has traded within a tight range. While the market participants are advised to remain cautious and await a clear directional move, the 49500 zone is anticipated to serve as a strong resistance, with immediate support expected at 47900-48000.
News Highlights For The Week
India’s business growth slows to 14-month low in January, PMI data shows
Paytm, Razorpay under ED probe in crypto scam: ₹2,200 Cr raised from 20 states in 2 yrs by 10 Chinese nationals
India’s AI push: Reliance to build world’s largest data centre in Jamnagar
Union Budget 2025: Pharma, healthcare sectors seek 3 per cent hike in budget allocation
India set to raise farm budget by over 15%, biggest increase in six years