- Nifty fut surged higher forming bullish engulfing candle and settled at 12142.35.
- KEC International has secured new orders of Rs 1,025 crore across its various businesses.
- Strides Pharma gets USFDA nod for Diclofenac Potassium Capsules.
- Maruti Suzuki’s production higher in November 2019 at 141,834 vehicles.
- Zensar Technologies partnered with Education Africa to support students of business management.
- KNR Constructions signed a Concession Agreement for KNR Palani Infra Private Limited.
- Reliance Capital requested the debenture trustee to withdraw the proceedings initiated before the Debt Recovery Tribunal.
- CRISIL reaffirmed its long-term rating on Escorts at AA- with a stable outlook.
- ADNOC and Reliance Industries sign agreement to explore development of Ethylene Dichloride facility in Ruwais.
Weekly Market View
The Nifty surged extraordinarly higher after opening weak on the first trading session and didn’t test the low of Monday.Nifty traded bullish for most of the part of week to close forming bullish engulfing candle on weekly chart and settled at 12142.50.Positive global cues helped the domestic equities to perform well.Nifty looks bulish for coming week with major support zone at 11850 and resistance at 12250.
Weekly Nifty Bank View
The Nifty Bank, too, witnessed buying action throughout the week likewise nifty 50 and settled higher forming bullish engulfing candle on weekly chart.Nifty bank looks bullish for coming trading week too and if sustains above 32250 on closing basis then a fresh buying may be seen which may take index to new highs.However a strong support zone is present near 31400-31000 on down side.
Global Markets Update
Global markets edged with the combin ation of the U.K. election result, signs of an imminent trade deal between the U.S. and China, and the Federal Reserve’s plans to prevent a repeat of the year-end volatility seen in 2018. US DJIA and NASDAQ ended at 28132.05 and 8717.32 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 32014.25 and China shanghai composite at 2968.67.
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