Equity Weekly Market View

Market Snippet

  • Nifty fut traded lower forming bearish harami on weekly chart to close at 11764.30.
  • Tata Steel’s board approves merger of Bamnipal Steel and Tata Steel BSL into the company.
  • Maruti Suzuki will stop manufacturing of diesel vehicles from April 1, 2020 when the new BS 6 emission norms will be introduced.
  • Glenmark launches novel, globally‐researched anti‐diabetes drug Remogliflozin in India.
  • NTPC to start commercial operations at its Gadarwala plant w.e.f. April 30.
  • Cipla receives final approval for generic version of Gilead Sciences, Inc’s Letairis
  • NBCC submitted a revised resolution plan in respect of Jaypee Infratech to the Interim Resolution Professional.
  • TVS Motor posted five per cent rise in total sales at 318,937 units in April.
  • Bandhan Bank reported a 67.7% jump in its fourth quarter (Q4) FY19 net profit at Rs 651 crore.

Weekly Market View

Nifty 50 fut traded volatile in last week’s trading following global peers and formed bearish harami candle on weekly chart to close lower at11764.30. Nifty 50 fut still looks bullish on charts and may attract fresh buying above the resistacne of 11860. Howerver some correction may be seen if the index closes below the support of 11600.

Weekly Nifty Bank View

Nifty Bank traded flat to form dozi candle on weekly scale and settled at 30060.75. Nifty bak still looks bullish on charts and a close above 30270 may attract fresh buying to test the next resistance of 30500 and then 30915. The support is seen around 29650 and then 29200.M3 money supply and FX reserve data may impact banking index moment that to be released in coming week.

Global Markets Update

Global market traded higher following the unemployment data of US economy which falls to lowest at 19000. The nonfarm payroll growth far outpaced Wall Street expectations of 190,000 and a 3.8% jobless rate. Falling crude oil prices also supported the eq markets around the globe. US S&P 500 settled at 2945.65.  The German index DAX closed at 12475.12. The Japan’s markets remained closed for the week.

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