- Nifty managed to end higher after 5 weeks of selling to settle at 10486.55.
Steel Strips Wheels has bagged a new Exports order from OPEL Spain for Steel wheels. Total order value is over Euro 6 million.
- Lupin has launched Potassium Chloride oral solution in 20mEq/15Ml and 40mEq/15ml strengths.
- Tata Motors has launched a new premium variant of its lifestyle sports utility vehicle Hexa with 16 new features. Priced at Rs 15.27 lakh
- L&T Construction has bagged orders worth 1,881 crore in the domestic and international markets.
- The merger of Capital First and its subsidiaries with IDFC Bank is in final stages with the merged entity likely to take shape by the year end.
- JMC Projects (India), a leading Civil Engineering and EPC Company, has secured new orders of Rs514cr.
- ONGC is planning to purchase 27 drilling rigs to replace about half of its ageing oil rigs in a deal that would cost Rs 3,000-3,500cr.
Weekly Market View
Nifty opened on flat note and throughout the week it traded with mixed sentiments and ended the week on positive note and settled at 10486.55. Nifty formed a bullish candle but could not able to cross 8 days exponential moving average which depicts indecisiveness view of trend. Some recovery can be expected if it closes above the resistance level of 10700 then it may witness further buying pressure to the next immediate resistance level of 1100.
Weekly Nifty Bank View
Unlike Nifty, Bank Nifty opened on flat note and throughout the day traded with mixed sentiments and ended the week on positive note. Moreover it closed above 8 days exponential moving average which depicts bullish view. Some recovery can be expected if it closes above the resistance level of 25875 then it may witness further buying pressure to the next immediate resistance level of 26200.
Global Markets Update
Global market was traded with negative sentiments as worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are the reasons behind the selloff.
US S&P 500 settled at 25052.83. The German index DAX closed at 11589.59. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 22713 and Shanghai composite at 2606.91.
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