Upcoming Weekly Equity Market News

Market Snippet

  • Market scaled up to a new high, ended above the mark of 10000 to settle the week at 10108.50.
  • Biocon’s Bengaluru plant gets USFDA form 483 with 10 observations.
  • Tata Global Beverages to sell Russian business to Skodnya Grand.
  • Infosys today announced that company to acquire London-based Brilliant Basics.
  • Tire stocks such as Ceat Ltd, Apollo Tyre slip despite the imposition of an anti-dumping duty.
  • M&M to sell 13.7 percent stake in Mahindra Logistics IPO.
  • Titan Q1 Net jumps 96.8 percent stood at Rs 237.97 crore.
  • Reliance Communications said that National Company Law Tribunal (NCLT) is likely to take a call whether to admit the company’s merger with Aircel.
  • Ceat Q1 net dives 98.6% to Rs 1.38 crore.

Weekly Market View

Nifty traded bullish on its native buy trend on weekly charts but remained in consolidation mode on daily candles to close higher at 10108.50.Policy rate cut by the central bank’s MPC further boosted the sentiments towards bullish side in the market though market witnessed profit booking after the announcement. Nifty looks bullish ahead on charts with closing above the level of 10150 for the target of 10300, however, a healthy bull market correction is expected if closes below the support level of 9950.

Weekly Nifty Bank View

Nifty Bank traded volatile ending with dozen candle formation on the weekly chart.RBI MPC’S rate cut decision made investor book profit in banking stocks at their life time high level. The nifty bank looks bullish on charts ahead too and close above the level of 25260 may trigger more buying in the index. Though it may undergo correction mode below the support level of 24500.

Global Markets Update

World markets traded marginally bullish in last week’s trading as the Non-Farm Payroll in the United States increased by 209 thousand in July of 2017, below an upwardly revised 231 thousand in June and compared to market expectations of 183 thousand. S&P 500 ended the week at 2476.83.German index DAX ended the week at 12297.72.The Asian peers too ended the weeks business flat with Nikkei 225 closing at 19952.33 and Shanghai composite ending the week at 3262.08.

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