- Nifty scored new lifetime high backed by strong buying from DII and settled at new life time closing high at 11395.75.
- Department of Telecommunications (DoT) has approved the merger of Vodafone India and Vodafone Mobile Services (VMSL) with Idea Cellular.
- NCLT approved the resolution plan submitted by the consortium of JSW Steel and AION Investments Private II Limited for Monnet Ispat and Energy.
- Adani Ports signed a long-term regasification pact with Gail (India) for Dhamra LNG terminal.Adani Ports
- Thermax has entered into binding agreements and completed the acquisition process of the shareholding of Babcock & Wilcox India Holdings INC.
- Confidence Petroleum India has secured order worth Rs 139.6 crore for supply of 9.01 lakh LPG Cylinders of capacity 14.2 kg to Bharat Petroleum Corporation.
- BEML and Heavy Engineering Corporation (HEC) signed a MoU to meet the growing requirements of the mining industry.
Weekly Market View
Nifty opened with positive sentiments and traded with mixed sentiments throughout the day and ended on positive note but could not able to sustain above the new life time high of 11395.75. Technically, Nifty is trading above 8 EMA which supports bullish sentiments. One can expect upside movement if it crosses immediate resistance mark of 11400 and immediate support mark is 11275.
Weekly Nifty Bank View
Like Nifty, Nifty Bank hit the life time high in starting of the week but could not able to sustain it and profit booking seen at upper level. But Technically, it is traded above 8 and 50 days EMA which supports bullish trend. The immediate resistance and support level is 27875 and 27400 respectively.
Global Markets Update
World markets had positive trading session mixed after sentiment of market participants turned fragile after US officials confirmed a proposal to raise tariffs on $200 billion worth of Chinese imports to 25 per cent, from 10 per cent.
US S&P 500 settled at 2840.35. The German index DAX closed at 12615.76.The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 22525.18 and Shanghai composite at 2740.44.
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