- Nifty fut surged to new life time high and closed at new life time closing high at 11869.40.
- Indian Hotels Company has signed a strategic partnership with Singapore”s sovereign wealth fund.
- Shilpa Medicare has received US Food and Drug Administration final approval for its ANDA.
- Punjab National Bank terminated agreement to sell 1.08cr shares of PNB Housing Finance to General Atlantic Group aggregating to Rs 925.8cr.
- ICICI Pru Life Insurance has reduced its stake in Cyient from 5.02% to 2.99%.
- Alkem Laboratories: USFDA issued 4 observations to company’s manufacturing facility located at Baddi.
- Bharti Airtel said that based on preliminary information, the rights issue has been over-subscribed.
- Dr Reddy’s Bachupally FTO-3 unit gets clearance from German body.
- Indiabulls Housing launches maiden dollar bond today for USD 300 million.
Weekly Market View
On Friday, Markets gave huge thumbs up in the first half amid a stellar show by the BJP, but the momentum fizzled out soon after.Post hitting fresh all-time highs, Nifty 50 failed to hold above 12000 mark, as a lot seem to have already factored in by the markets. Investors and traders preferred to book profits at higher levels which dragged the indices to close with losses. chart. One can expect upside movement if it crosses immediate resistance mark of 12000 and immediate support mark is 11600.
Weekly Nifty Bank View
Nifty bank opened with gap up note and made all time high of 31705 but could not able to sustain it. Investors and traders preferred to book profits at higher levels which dragged the Nifty Bank to close with losse.On daily, Bank Nifty chart indicated a negative divergence on the RSI.One can expect upside movement if it crosses immediate resistance mark of 31700 and immediate support mark is 30800.
Global Markets Update
Global markets traded negative as investors remained worried over trade tensions between the United States and China.The U.S. is proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies, in another move that could penalise Chinese products.US DJIA and NASDAQ ended at 25490.47 and 7628.28 respectively. Asian peers also remained in sell mode and ended lower with Nikkei 225 closing at 21117.22 and China shanghai composite at 2852.99.
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