Markets Overview

Nifty 50 is virtually at the same level at the end of this week compared to where it was in the previous week. But there was a strong dip as a part of continuation of the short term downward trend taking the index all the way to 21700 where it found support and recovered eventually. If you observe on the hourly chart, there’s an inverse head & shoulder patter which indicates a potential upward trend. Once we break above 22200, we can certainly see a strong rally potentially taking Nifty 50 to a fresh ATH while the right shoulder at 21900 will be an important level on the support front breaking below which the pattern shall be negated.

Benchmark Indices & WeekendInvesting Strategies Overview

Nifty Next 50 (also called as Nifty Jnr) is the surprise package this FY 24 with performance on par with the Midcaps and Smallcaps at 56% which is just incredible for a large cap index. This week, Nifty Jnr clocked a solid 1.95% staging a decent recovery from the recent slump followed by Smallcap 250 and Mid-Small 400 at 1.7% and 1.5% respectively. Nifty 50 was neutral at 0.3% and also occupies the last spot on the FY 24 chart with 27% gains.

WeekendInvesting strategies did well to recover from the recent correction. HNI Capital Compounder clocked 2.1% followed by Mi EverGreen at 1.9%. Mi India Top 10, Mi NNF 10 and Mi 25 all did well to return in excess of 1% while rest of the strategies were in the mildly positive territory barring a couple that underperformed. With just one week to go for the conclusion of FY 24, all strategies look very good with Mi 20 leading the charge at 102% gains followed by Mi 35 and Mi NNF 10 at 89% and 87% respectively. All strategies have done extremely well to outperform their respective benchmarks too. More on this next week.

Sectoral Overview

REALTY did well to clock 5.3% this week followed by METALS and AUTOs at 4.2%. Most of the sectors did well to recover from the slump barring FMCG and IT which were weak and -0.7% and -6.2% respectively. REALTY, PSE, PSU BANKS and AUTOs are the top performers as far as the FY 24 performance is concerned while FMCG, IT and BANKS have not the best outcome though.

GOLD is right on top when you consider the fortnightly and the monthly performance. This speaks volumes about how the metal does every time the markets look pessimistic. AUTOs have performed exceedingly well on a consistent basis to occupy the top spot as far the overall average momentum score across all timeframes is concerned. Top performers this FY 24 – PSE, REALTY, ENERGY and PSU BANKS saw maximum damage in the last couple of weeks slipping down to the bottom of the fortnightly chart. REALTY & PSU Banks have taken a very hard beating in the recent short term occupying the bottom few spots across the 2 week and 1 month chart despite being the top performers in FY 24.

Rebalance Update for the week !

Spotlight - Mi NNF 10

Mi NNF 10 has performed exceptionally well right since the strategy went live on 12 Nov 2020.

In the last 1 year, the strategy has returned a massive 88% compared to 56% on the Nifty Jnr index. Performance since 12 Nov 2020 (3 years and 4 months) is solid at 157% compared to 102% on its benchmark.

Mi NNF 10’s CAGR is at a superb 32% against 23% on Nifty Jnr.

The % of winners is only at 55% but the most important point to note is that the average winner gets you 36% while the average loser takes away about 9%. The highest winner was at a gain of a massive 285% while the biggest loser was at a loss of 36% only.

The subscription fee for Mi NNF 10 increases to Rs 9,999 from Rs 7,499 effective 01 Apr 2024. So please do make use of this opportunity if you are still not subscribed.

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