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💫 Market Metrics: Weekly Roundup ⭐ Sensex: 73,917.03 ⬆️ ⭐ Nifty 50: 22,466.10 ⬆️ ⭐ Nifty Bank: 48,115.65 ⬆️ ⭐ Nifty Smallcap 100: 16,870.80 ⬇️ ⭐ Nifty Midcap 100: 51,604.90 ⬆️ ……………………………………………………… ✨ Market Performance Key Takeaways For The Week 🌟 The Indian equity market began the week on a sombre note due to negative developments from the previous week. However, the Nifty index experienced a notable recovery after initially slipping towards its previous swing low, aligning with the 100-day Exponential Moving Average (DEMA) on the daily chart. The bullish momentum allowed the index to close the week above all its major EMAs, culminating in a nearly 2% rise and settling above the 22,450 mark. 🌟 Throughout the week, various stock adjustments & sectoral rotations contributed to maintaining the index's momentum. The broad-based market participation helped Nifty recover its previous week's losses, setting its sights on reclaiming its lifetime high. Despite elevated volatility, the bulls managed to shift overall market sentiment positively. Key support levels for Nifty are expected around 22,350-22,300, with the significant support at 22,200. On the upside, resistance is anticipated in the 22,600-22,650 range before aiming for the lifetime high of 22,800. 🌟 The week's strong performance was bolstered by the broader market's participation, particularly the Mid Cap index, which reached its lifetime high. However, the heavyweight Bank Nifty index showed hesitation, indicating its crucial role in sustaining the market's upward momentum. Market participants are advised to maintain cautious positions due to potential fluctuations influenced by voting participation. 🌟 Bank Nifty commenced the week on a negative trajectory, continuing the weakness from the previous week. Although the index appeared under pressure initially, it found support and gradually recovered as buyers stepped in. By the week's end, Bank Nifty managed a modest gain, closing nearly 700 points higher at 48,115. ……………………………………………………… ✨ News Highlights For The Week 🌟 The United Nations has upgraded its growth projections for India's economy in 2024, now expecting it to expand by nearly 7%. This revision is primarily due to robust public investment and resilient private consumption. According to the mid-2024 World Economic Situation and Prospects report, India’s economy is forecast to grow by 6.9% in 2024 & 6.6% in 2025. 🌟 Homegrown logistics platform Porter has likely become India’s 3rd unicorn this year, reaching a $1 Bn valuation after a recent internal funding round. Key individual investors bought shares from the company's employee stock ownership plan (ESOP) pool. Porter declined to comment on market speculation. Earlier this year, Ola's Krutrim AI and fintech firm Perfios also achieved unicorn status amid a global slowdown. 🌟 Amazon has invested ₹1,600 Cr into its Indian arm, Amazon Seller Services, according to regulatory filings. This marks the second infusion in 5 months, as e-commerce companies vie for market share in a growing industry. This investment follows Walmart's $600 Mn injection into Flipkart, Amazon's main competitor in India. 🌟 Public sector banks' cumulative profit exceeded &1.4 Lac Cr in the financial year ending Mar’24, a 35% increase from the previous year's ₹1.04 Lac Cr. ———————x——————— Disclaimer: https://bit.ly/3usSGoH Sources: Angel One Research | NDTV Profit | Investment Guru | MoneyControl | MoneyControl Date: May 17, 2024