- Nifty surged forming dozi on weekly chart to close at 10748.10.
- Maruti Suzuki crossed the mark of 3-lakh cumulative sale of cars with the acclaimed auto gear shift technology.
- DLF announced that the Adjudicating Officer (AO), SEBI has passed an order imposing a penalty of Rs.10 lakh.
- HeroMotoCorp share prices were up 0.44%. The company’s sales rose 11% to 7.06 lakh units in May 2018 over May 2017.
- Future Retail completed acquisition of the Retail Business Undertaking operated under the brand name
Foodworld from Foodworld Supermarkets.
- Mcleod Russel India decided to dispose of certain tea estates in Assam to M K Shah Exports for Rs 331 crore.
- Glenmark Pharma has received five observations from USFDA for its Pithampur facility.
- NMDC released the data in April-May iron ore productionand sales stood at 4.53 million tones.
Weekly Market View
Nifty opened on negative note and throughout the week it traded with mixed sentiments and ended the week on positive note and settled at 10748.10. Nifty formed a small bullish candle and close above 8 days exponential moving average which supports bullish view. One can expect upside movement if it crosses immediate resistance mark of 10850 and immediate support mark is 10500.
Weekly Nifty Bank View
Unlike Nifty, Bank Nifty opened on negative note and throughout the day traded with mixed sentiments and ended the week on flat note. However it could not able to cross 8 days exponential moving average which depicts indecisiveness of trend. Immediate resistance and support mark is 26200 and 26575.
Global Markets Update
World markets slumped as investors remained cautious worries over global trade relations ahead of a key meeting of global leaders weighed on investor sentiment as well. US S&P 500 closed at 2770.37.German index DAX ended in negative zone and settled at 12716.50.The Asian peers too followed the rally with Japan’s Nikkei 225 closed at 22694.50 and China’s Shanghai composite settled at 3067.15.
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