Market Metrics: Weekly Roundup Sensex: 72,831.94 Nifty | Angel One

Market Metrics: Weekly Roundup

Sensex: 72,831.94
Nifty 50: 22,096.75
Nifty Bank: 46,863.75
Nifty Smallcap 100: 15,056.75
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.

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.

The Adani Group is constructing the Khavda Renewable Energy Park in Gujarat, India, poised to become the world's largest clean energy plant.

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