Equity Weekly Market Updates

Market Snippet

  • Nifty continued the buying momentum for the third week too and settled higher at 10687.25.
  • Welspun Enterprises announced bagging a project worth Rs1, 460 cr from the Maharashtra Government.
  • Strides Pharmaceuticals enters into a strategic partnership with SUDA Pharmaceuticals for the US market.
  • GAIL (India) announced award of contract for the purchase of 616 km of line pipe worth Rs 1100 crore for the Barauni -Guwahati pipeline.
  • Lupin announced the launch of Atovane Oral Suspension USP launches in the U.S.
  • HCL Technologies announced partnership with NetBrain Technologies to offer network visibility and network automation capabilities for enterprise IT teams.
  • VA Tech Wabag has bagged order worth Rs600 crore in Tunisia.
  • Oil India said it was considering a share buy-back and issuance of debt securities on November 19.

Weekly Market View

Nifty opened on negative note and throughout the week it traded with mixed sentiments and ended the week on positive note at 10687.25. Nifty to form a small bullish candle on the daily charts and closed above 8 days exponential moving average which indicate bullishness. One can expect upside movement if it crosses immediate resistance mark of 10800 and immediate support mark is 10460.

Weekly Nifty Bank View

Bank Nifty opened on negative note and throughout the week traded with positive sentiments and closed the week on same note. Bank Nifty gained 90.80 points and settled the week at 26253.90. In daily charts, it gave closing above 8 days EMA which support bullish view. One can expect upside movement if it crosses immediate resistance level of 26600 and immediate support is 25875.

Global Markets Update

Global market was traded with negative sentiments following uncertainty over whether Prime Serve Theresa May’s draft Brexit arrange will win parliamentary approval.

US S&P 500 settled at 2736.27. The German index DAX closed at 11341. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 21680.34 and Shanghai composite at 2679.11.

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