Equity Weekly Market View

 

Market Snippet

  • Nifty fut consolidates on weekly chart to form inside candle and settled at 10973.65.
  • SpiceJet to launch six new international and domestic flights and to add second non-stop flight on Kolkata-Bangkok sector
  • Kalpataru Power has secured new orders / notification of award of approximately Rs 1,263 crore.
  • Zydus has received marketing authorization for TwinrabTM (RabiMabs) from the Drug Controller General of India.
  • GE T&D India received a grid upgradation order from West Bengal State Electricity Transmission Company (WBSETCL).
  • IndiGo has got a letter from Sebi seeking reply with respect to the letter by Rakesh Gangwal’s counsel.
  • SREI Infra Finance signed co-operation agreement with Russia’s Quippo & Rosgeo.
  • MCX India signs MoU with Zhengzhou Commodity Exchange.

Weekly Market View

Bulls continued their dominance on D-Street for the third consecutive day, pushing Nifty above 10,900 levels on closing basis. The index formed a bullish candle on the daily charts on September 6 and a ‘Doji’ kind of pattern on the weekly scale. A break above 11,050 levels could fuel the rally towards 11,185 levels while a break below 10,785 could fuel further downside.

Weekly Nifty Bank View

Bank nifty started the week on flat note and throughout the week it traded with mixed sentiments. On daily chart, it formulated bullish candle and closed at 8 days exponential moving average which depicts sideways view.

A break above 27750 levels could fuel the rally towards 28000 levels while a break below 27000 could fuel further downside.

Global Markets Update

Global markets traded with traded with positive sentiments amid signs of easing US-China trade tensions. As per reports, China and the US have agreed to hold the next round of trade negotiations in Washington in early October. US DJIA and NASDAQ ended at 26797.46 and 8103.07 respectively. Asian peers also remained in flat mode and ended with Nikkei 225 closing at 21199.57 and China shanghai composite at 2999.60.

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