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π« Market Metrics: Weekly Roundup
β Sensex: 73,142.80 β¬οΈ
β Nifty 50: 22,212.70 β¬οΈ
β Nifty Bank: 46,811.75 β¬οΈ
β Nifty Smallcap 100: 16,175.20 β¬οΈ
β Nifty Midcap 100: 49,279.55 β¬οΈ
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β¨ Market Performance Key Takeaways For The Week
π Nifty reached new highs but lacked follow-through momentum throughout the week. The market saw some turbulence mid-week, with Nifty testing the 20 DEMA before staging a V-shaped recovery. Despite the roller coaster ride, Nifty maintained its positive trend for the week. Technical analysis suggests the index is holding ground, but the narrowing range indicates caution.
π Key levels to watch are 22,000 for support and 22,350-22,500 for potential targets. The performance of banking stocks is crucial for sustaining Nifty's upward movement. It's advisable to remain cautious amid potential intraday declines.
π As for Bank Nifty, the week was marked by high volatility and a lack of clear direction. Despite a brief recovery mid-week, the index struggled to maintain momentum. The market sentiment remains uncertain, with both bulls and sellers vying for control.
π The index's fate hangs in the balance, with no clarity on its short-term direction. Traders should avoid chasing momentum and focus on predetermined trade locations. Support levels are around 46,550 - 46,300, while resistance is seen around 47,300 - 47,400 and 47,900 - 48,100. Sideways movement is expected to continue amid upcoming domestic events, urging caution and strategic trading decisions.
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β¨ News Highlights For The Week
π Nvidia (NVDA.O) made history on Thursday, adding $277 Bn in stock market value, the largest one-day gain ever on Wall Street. The surge came after the chipmaker's quarterly report exceeded expectations, reigniting optimism about artificial intelligence.
π Starting March 15, 2024, Paytm Payments Bank won't accept any more credits into customer accounts and wallets. To ensure smooth digital payments via UPI using @paytm handle, the Reserve Bank of India announced additional measures on Friday.
π Jio Financial Services achieved a milestone as its market capitalization surpassed βΉ2 Lacs Cr for the first time, by a 35% surge in its share price this year. Meanwhile, its parent company, Reliance Industries, also reached a record high on February 23rd.
π Byju's investors called an extraordinary general meeting to remove CEO and founder Byju Raveendran. Voting has concluded, and results are imminent, according to sources.
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Disclaimer: https://bit.ly/3usSGoH
Sources: Angel One Research | Reuters | EconomicTimes | MoneyControl
Date: February 23, 2024
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Buy Eurinr 89.73
Target 89.77
2nd 89.80
S.l 89.67
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2-1 π₯ Bulls are back π€© & take lead π in the tug-of-war πͺ’ for todayβs market Highs β€΄οΈ & Lows β€΅οΈ β€οΈ
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