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Market Metrics: Weekly Roundup

⭐️ Sensex: 74,119.39 ⬆️
⭐️ Nifty 50: 22,493.55 ⬆️
⭐️ Nifty Bank: 47,835.80 ⬆️
⭐️ Nifty Smallcap 100: 15,709.00 ⬇️
⭐️ Nifty Midcap 100: 48,966.15 ⬆️

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✨ Market Performance Key Takeaways For The Week

🌟 The Nifty index extended its winning streak for the fourth consecutive week, reaching new highs despite a mild start influenced by mixed global sentiments. Initially, the bulls seemed hesitant, but a strong mid-week comeback led to a V-shaped recovery, up by 0.51%, closing the week at 22,493.55.

🌟 While volatility was low, the index showed resilience, although caution is advised in uncharted territory. Support levels are identified at 22,250-22,200, 22,150, and 22,000, with resistance at 22,600 – 22,650.

🌟 Global developments over the weekend may impact immediate trends. Meanwhile, Bank Nifty performed well, gaining over 1% and outperforming Nifty, showcasing a bullish trend with four consecutive weeks of higher highs.

🌟 While private banking participation was limited initially, broader involvement emerged, signalling positive momentum. A “buy the dip” strategy is recommended, with immediate supports at 47,200 – 47,000 and strong support at 46,850 – 46,500, while resistance lies at the bearish gap zone of 48,000 – 48,200 and prior ATH of 48,650.

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News Highlights For The Week

🌟 On March 7, Singapore Telecommunications revealed its decision to sell a 0.8% share in Indian telecom giant Bharti Airtel for S$950 Mn (equivalent to $711 Mn) to the United States-based investment firm GQG Partners.

🌟 The RBI has told IIFL Finance to halt gold-backed lending but allowed the company to manage existing loans. Despite this, the company’s gold loan assets grew by 35% year-on-year to ₹24,692 Cr, and 4% quarter-on-quarter.

🌟 Tata Motors plans to divide into two distinct listed companies for passenger and commercial vehicles, aiming to optimize market opportunities by improving focus and agility.

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