Equity Weekly Market View

Market Snippet

  • Nifty fut slipped forming bearish candle on weekly chart to close at 11544.30.
  • Reliance Infra shares surged 12% on lenders’ pact for debt resolution.
  • GTPL Hathway gained 20% on stellar earnings performance in Q1.
  • Autoline Industries stated that the govt. of Maharashtra has approved additional Industrial Promotion Subsidy IPS claim of Rs44.61 crore.
  • L&T merge its shipbuilding arm with self.
  • Voltas Limited has partnered with Energy Efficiency Services to manufacture.
  • Siemens Limited transfers leasehold interest in property at Halol Industrial area (Phase III) in Gujarat to LM Wind Power Blades for Rs158.5crore.
  • Quick Heal Technologies Limited got the US patent for anti-ransomware technology.
  • Hindalco Limited will have to tackle European antitrust objections on its plan to buy aluminium producer Aleris Corporation to expand as a supplier to the car.

Weekly Market View

On Friday, Nifty erased all its gains in the last hour of trade and closed lower on July 12 as traders turned cautious ahead of Infosys’ Q1 earnings and economic data, which will be announced later in the day.

In Nifty 50, trading below 11,620 can see more dips towards strong support of 11,450-11,400 zones. However, resistance for Nifty is coming near 11,620-11,700 zones

Weekly Nifty Bank View

Nifty Bank was also caught in a bear trap, dragging the market. The index closed 115.10 points lower at 30,601.45. Technically, Nifty Bank formed bearish candle on daily as well as weekly charts and closed below 8 days EMA.

Nifty Bank has immediate support near 31,400-31,200 zones while resistance is coming near 30,850-31,080 zones.

Global Markets Update

Global markets traded in positive sentiments on expectations of a rate cut by US Federal Reserve later this month. Federal Reserve Chairman Jerome Powell gave investors more hope that a rate cut is coming. The Fed has a two-day meeting on July 30-31. US DJIA and NASDAQ ended at 27088.08 and 8196.04 respectively. Asian peers also remained in buy mode and ended higher with Nikkei 225 closing at 21685.90 and China shanghai composite at 2930.55.

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