- Nifty traded lower forming bearish engulfing on weekly scale to settle at 10524.70.
- Lemon Tree signs license agreement for a 76-room property in Odisha. The hotel will be operational by March 2020.
- Reddy’s Laboratories received zero observations from audit of formulations plant in Andhra Pradesh by the USFDA.
- SRF said that its technical textiles unit in Tamil Nadu has been damaged by Cyclone Gaja.
- Yes Bank surged 7.68% after ICRA Ratings retained its overall long-term rating of ‘ICRA AA+’ on the bank
- Kridhan Infra’s Singapore arm wins Rs 195cr construction order.
- Production at NMDC’s Donimalai mine suspended. Suspension of production at the mine is reportedly temporary.
- Lupin announced the launch of Tetrabenazine Tablets, 12.5 mg and 25 mg having received an approval from the USFDA earlier.
Weekly Market View
Nifty started the weak on bullish note but remained negative for most of the trading session of the week and witnessed selling on the last trade session to close lower or the week below 10550.On daily chart it looks weak on close below the support level of 10500 and may witness selling to head towards the support of 10450. However if it breaks the resistance level of 10600 then may test the next resistance of 10650.
Weekly Nifty Bank View
Nifty Bank opened the week on bullish note and remained strong in comparison to nifty but ended the week lower on the last trading session of the week. Nifty bank looks bearish on close below the support level of 25800 and may witness selling up to 25700. However a close above the level of 26400 may take it to test the resistance level of 26700.
Global Markets Update
Global market was traded with negative sentiments due to lack of a sharp downtick in the euro with signs of weaker eurozone economic growth. This will likely fuel concerns from European Central Bank policymakers, who are expected wind down their €2.6 trillion asset purchase program at the end of the year. US S&P 500 settled at 2632.56 The German indexe DAX closed at 11192.69. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 21646.55 and Shanghai composite at 2579.48.
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