Indian Stock Market Report: January Week 3, 2024
HDFC Bank fell more than 10% within three days, marking one of the worst trading weeks since the COVID crash in March 2020.
Nifty 50 commenced the week on a positive note, closing at a record high, but soon the index fell miserably due to HDFC Bank’s poor performance.
HDFC Bank fell more than 10% within three days, marking one of the worst trading weeks since the COVID crash in March 2020.
Nevertheless, Nifty 50 ended the week on a negative note with a return of -1.24% until Friday (excluding the special trading session on 20-01-2024).
Key Events
- HDFC Bank's Q3 results, announced on Tuesday, 16th January, fell short of analyst expectations, leading to a sharp decline in the stock price, dropping more than 10% this week.
- While banks and financials lagged behind, the IT, pharma, and metals sectors outperformed.
Here is a summary of the performance of the Investmint models for this week:
Leaders and Laggards
Both ‘Quick Short’ and ‘Trending Ten’ were the best-performing models, with an impressive returns of +2.02% and +1.98% for the week.
This week started with a gap-up, followed by a gap-down after 2 days, forming a classic abandoned baby pattern as per Candlestick analysis.
Our outlook for the following week would be sideways to slightly bearish as long as the index stays below the gap level between 21950 and 21850.
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Disclaimer : The opinions expressed in this blog are personal views and should not be considered financial advice. Please do your own research and consult with a professional before you make any investment decisions.
