Equity Weekly Market View

Market Snippet

  • Nifty fut tanked forming bearish engulfing candle on weekly chart to close at11215.15.
  • Maruti Suzuki India Limited has reduced the Ex-Showroom price of its model i.e. Baleno RS by Rs1 lakh.
  • YES Bank has received acknowledgment from the Reserve Bank of India to go ahead with the proposed increase in its authorized share capital.
  • Lupin has received approval from US FDA for extended Phenytoin Sodium capsules which are used to control seizures.
  • Punjab National Bank received Rs 3,000 crore from the Government of India.
  • Cadila Healthcare will sell rights of Zypitamag drug to Medicure Inc., a cardiovascular pharmaceutical company.
  • NBCC signed MoU with the government for Rs400cr Manipur project.
  • NCC has received new order worth Rs 868 crore from a state government agency.

Weekly Market View

The Nifty50 wiped out its gains from its later morning deals and extended selling pressure to close below 11,200 on October 4. This was after a lower-than-expected repo rate cut, and a reduction in full year GDP growth forecast by RBI. The index has fallen for fifth consecutive session, forming a large bearish candle which can also be called as Long Black Day kind of formation on daily charts. It lost nearly 3 percent and formed bearish candle on weekly scale as well.

Weekly Nifty Bank View

Bank Nifty failed to hold its gains above the 28,700 level and corrected nearly 1,000 points to close below the 27,750 level. The index lost 2.4 percent to close at 27,853.70 and formed a big bearish candle on daily as well as on weekly scale as sustained selling pressure was seen at higher zones. If it holds below 27300, weakness could be seen towards next support of 26970 then 26250 levels while on the upside hurdle is seen at 28,370 then 28,920 levels.

Global Markets Update

Global markets traded with mixed sentiments as investors turned cautious ahead of a key US job report that could help determine whether the Federal Reserve cuts interest rates further.

US DJIA and NASDAQ ended at 26573.72 and 7982.47 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 21410.20 and China shanghai composite at 2905.19.

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