Weekly Equity Market Profitable News

Market Snippet

  • The market tanked on weak global cues, Nifty ended below 9750 marks to close at 9737.60.
  • SBI Q1 profit jumps 3-fold to Rs 3,032 crore, asset quality worsens.
  • Biocon shares moved higher after company incorporates Malaysian subsidiary.
  • Union Bank of India approves foreign investment in unit UAMC.
  • Cadila Healthcare Q1FY18 consolidated net profit declines 65.3% YoY.
  • Ashok Leyland today announced that company bags order of Rs 120 crore from Rovigo.
  • IOC shares rallied after buys 1.9 billion barrels of US crude.
  • Tata Motors and Skoda end discussions for potential partnership.
  • PEL issued secured Non-Convertible Debentures up to Rs.75 crores.
  • ALBK declared Q1 Net profit at Rs28.8 crore against the loss of Rs565 Crore compared year on year.

Weekly Market View

Nifty traded lower in the stress full week as the increasing tension talks between the US and North Korea kept the major world indices lower for the week besides the weak resulted posted by SBI also dragged the market to end lower on Friday at 9737.60.The caution ahead of IIP data for June due later in the day too weighed on the domestic sentiment. Nifty looks bearish on the weekly and daily chart if closes below the support level of 9650 and may witness selling to test the next support of 9450.

Weekly Nifty Bank View

Nifty Bank traded lower too after forming dozi candle formation on weekly chart to confirm selling as the profit booking amid geopolitical tension kept the banking stocks in jitter too.SBI posting weak result also contributed to losses. The nifty bank ended the week to settle at 24080.It looks weak on daily and weekly chart both as close below the support level may drag it down to test the support level of 23650.

Global Markets Update
World markets traded lower in a stress full last week as the increasing geopolitical tension between the USA and North Korea kept the major world indices lower for the week.US S&P 500 ended the Friday’s trade business lower at 2438.21.German DAX closed at 11984.50.The Asian peers also remained stress full as Nikkei 225 too ended lower to close at 19729.74 and China’s Shanghai composite ending the Friday’s trading lower at 3208.54.The US core inflation and GDP data may infuse volatility in the market on Friday.

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