weekly Equity market view

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Market Snippet

  • Market extended winning streak to fourth consecutive week, with Nifty closing at 10564.055
  • Bajaj Electricals Limited secured the contracts worth Rs 3,577.93 crore.
  • Reliance Industries Limited has raised Rs 3,250 crore from Japanese banks to fund capex plan.
  • STAR gets USFDA nod for Cyproheptadine Hydrochloride tablet.
  • Sobha Limited will invest Rs500 crore for residential project in GIFT City, Gujarat.
  • Lupin Limited got tentative USFDA approval for generic AndroGe.
  • VEDL’s resolution plan for Electrosteel Steels approved by NCLT.
  • INFY clarifies it has not got any anonymous whistleblower complaint.
  • DLF Limited has sought to allay concerns about slow pace of monetization of land assets.

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Weekly Market View

Nifty traded bullish forming strong bullish candle on weekly chart with 3 consecutive positive closes and settled the week   at 10585.50.Nifty remained in buy mode for most of the trading session of the week and looks bullish ahead too. Despite of global tensions and domestic worries of depreciating Rupee, the domestic bourses remain silent and maintain a range bound movement. Nifty if closes above the resistance level of 10600 then further buying may take the bourses to test the resistance of 10700.However a correction might be seen if closes below the support  level of 10500

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Weekly Nifty Bank View

Nifty Bank price action is disappointing with a close below its 8 exponential moving average and remained selling pressure since last 2 consecutive days . Nifty bank settled at 25006.10. Nifty bank looks bearish on charts ahead and if closes below the support level of 24850then selling may result to test the support level of 24600.

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Global Markets Update

World stock markets headed southwards as the fall in US equity resulted by technology stocks tumbled and fresh ripple of geopolitical tensions .US S&P 500 ended lower with marginal loss at 2670.14.German index DAX too closed the bell with marginal loss at 12540.50.The Asian peers too witnessed the selling with Nikkei 225 falling on weekly chart to settle at 22162.24 and Shanghais Composite at 3071.54.

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