Nifty erases all its weekly gain on final day of the week and closed at 10754.
Adani Enterprises acquires Alpha Design for Rs 400 crore.
Cadila Healthcare got approval from USFDA to market Albendazole tablet.
Glenmark Pharmaceuticals receives USFDA approval for Hydrocortisone Valerate.
Tata Motors Limited-Jaguar Land Rover hired Boston Consulting Group for $3.2 billion turnaround plan.
Dr Reddy’s Labs got the tentative USFDA approval for Sapropterin Dihydrochloride.
PVR Limited board stated that it was considering raising funds on Dec 21.
JSW Steel stated that NCLT approved the resolution plan in the insolvency resolution process for Vardhman Industries.
KPIT Technologies stated that NCLT approved the merger plan with Birlasoft, which will then split into two-publicly traded companies.
Weekly Market View
Nifty 50 opened on positive note though most of the trading session it is traded in positive zone but in later trade it capped all the gains of the week and closed on negative zone. In daily chart, it formed strong bearish candle and closed below 8 days EMA which supports further bearish trend in market. One can expect downside movement if it breaches immediate support mark of 10700 and immediate resistance mark is 10850.
Weekly Nifty Bank View
Weekly Nifty Bank View
Like Nifty, Bank Nifty opened on positive note and traded with mixed sentiments throughout the week but at last trading session it capped all the gains of the week and closed on negative zone. In daily chart, it formed strong bearish candle and closed below 8 days EMA which supports bearish view. One can expect downside movement if it breaches immediate support mark of 26750 and immediate resistance mark is 27000.
Global Markets Update
Global market was traded with negative sentiments as the threat of a U.S. government shutdown and further hikes in U.S. borrowing costs compounded investor anxieties over the trajectory of global economic growth.
US S&P 500 settled at 2467.42. The German index DAX closed at 10550.33. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 20166.19 and Shanghai composite at 2516.25.
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