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💫 Market Metrics: Weekly Roundup
⭐ Sensex: 73,142.80 ⬆️
⭐ Nifty 50: 22,212.70 ⬆️
⭐ Nifty Bank: 46,811.75 ⬆️
⭐ Nifty Smallcap 100: 16,175.20 ⬇️
⭐ Nifty Midcap 100: 49,279.55 ⬆️
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✨ Market Performance Key Takeaways For The Week
🌟 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.
🌟 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.
🌟 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.
🌟 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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✨ News Highlights For The Week
🌟 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.
🌟 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.
🌟 Jio Financial Services achieved a milestone as its market capitalization surpassed ₹2 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.
🌟 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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Risky Trade
Buy Eurinr 89.73
Target 89.77
2nd 89.80
S.l 89.67
Trade your own risk
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2-1 🔥 Bulls are back 🤩 & take lead 👏 in the tug-of-war 🪢 for today’s market Highs ⤴️ & Lows ⤵️ ❤️
Angel one
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