Weekly Equity Market Trend

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Market Snippet

  • Market gains for the third week and closed at record high; Nifty closed above 10200 for the first time ever.
  • Reliance Industries hits a record high, up 5%; increases investors’ wealth by Rs 2.4 lakh crore.
  • Axis Bank cracks 7% after a sharp spike in Q2 slippages, analysts cut target price.
  • Tata Sponge Iron Q2 net profit jumps 72 percent to Rs 28 crore.
  • Wipro Q2 profit up 5.5 percent, constant currency revenue grows 0.3%; Q3 guidance disappoints.
  • ACC Q3 net profit jumps over two-fold which stood at Rs 181 crore.
  • JBF Industries soars 20 percent on talk of strategic stake sale.
  • Bajaj Auto Q2 profit falls 0.6% to Rs 1,194 cr, EBITDA margin beats estimates.
  • Adani Group has joined the race to acquire the Indian renewable assets of Singapore-based Equis Energy.
  • PC Jeweller said its domestic sales rose 30% in the second quarter.

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Weekly Market View

Nifty traded higher before Diwali Muhurat trading hitting a new lifetime high as the earning session has remained so far better than expected. Nifty remained in buy mode for most of the trading session and ended the Wednesday’s trading session at 10226.30.Nifty looks bullish incoming trade sessions too and if closes above the resistance level of 20271.40 then fresh buying may take the index to score new lifetime high. However, a close below the support level of 10175 may trigger some profit booking in the index to test the support level of 10000.

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Weekly Nifty Bank View

Nifty Bank remained bearish and weak in comparison to nifty 50 and traded lower for most of the trading session to end the Wednesday trading session at 24367.It looks bearish coming trading sessions too and if closes below 24200 then may witness further selling to test the support level of 23900.However, the bullish move is expected above the closing of 24900 and index may test the lifetime high level.

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