- Nifty fut continues to trade lower for the fourth week too and settled at 11327.
- Cyient board announced the merger of Cyient DLM and Cyient Insights into the company.
- Tata Motors incorporated wholly owned unit Brabo Robotics & Automation w.e.f July 17.
- Reliance Jio pips Airtel to become India’s 2nd largest mobile operator in May.
- L&T Technology Services has been selected as a strategic partner by UTC for Collins Aerospace, a subsidiary of UTC.
- Reliance Industries is looking to buy out ITC’s stake in EIH, which manages the Oberoi chain of hotels.
- Bosch to suspend all manufacturing operations at Naganathpura plant, Karnataka on Jul 27 & 29 to align with demand.
- Zydus Cadila announced the Day I launch of Ramelteon Tablets, 8 mg upon receiving the final approval from the USFDA.
Weekly Market View
The Nifty 50 formed a bullish candle on daily charts for the first time after forming a bearish candle in the previous six straight sessions. In the weekly chart, it formulated a bearish candle formation on for the third consecutive week. For the week, the index lost 1.18 percent. If index slips below 11,210 levels then it shall resume its downswing with targets placed in the zone of 11,100–10,850 kinds of levels. The immediate resistance of Nifty is 11500.
Weekly Nifty Bank View
Bank Nifty index formed a bullish candle followed by Inside Bar on the daily scale while Hammer candle on the weekly scale which suggests the decline is being bought into at lower levels. Index needs to hold above 29,350 zone to witness an up move towards 29,500 then 29,650 zones while on the downside supports are seen at 29,000 then 28,888 levels. The index closed 282.25 points higher at 29,325.30.
Global Markets Update
Global markets ended on negative note amid expectations that the U.S. Federal Reserve could be less aggressive than expected with monetary policy when it meets next week.
US DJIA and NASDAQ ended at 27192.45 and 8330.21 respectively. Asian peers also remained in flat mode and ended with Nikkei 225 closing at 21658.15 and China shanghai composite at 2944.54.
(Click to submit your details) Just one step to get best trading tips and Recommendation