- Nifty fut surged forming bullish candle on weekly chart to close at 11670.00.
- State Bank of India (SBI) is bringing back processing fees on home loans, top-up plans and corporate and builder loans.
- Bank of Baroda in pact to merge Baroda Asset Management with BNP Paribas Asset Management.
- Dewan Housing Finance Corporation (DHFL) denied reports of selling its entire Rs 35,000 crore wholesale book to Oaktree Capital.
- HCL Technologies has extended the agreement for IT operations and transformation with Equinor for 7 years.
- Bajaj Auto entered the EV market by launching Chetak electric scooter.
- Public sector oil refiner IndianOil has appointed Shrikant Madhav Vaidya as the Director (Refineries) of IndianOil.
Weekly Market View
The Nifty 50 rebounded after a weak start on October 18 and remained strong throughout the rest of the session helped by news on government’s strategic divestment and buying in select key stocks like Reliance Industries, HDFC Group, PSU stocks, among others.The index gained for the sixth consecutive session to end at a 3-month closing high and formed a bullish candle on the daily as well as weekly charts.
Weekly Nifty Bank View
Bank Nifty opened flattish but witnessed buying interest towards 29,250 levels at later part of the session. The index formed a bullish candle on daily as well as weekly scale, as strong buying interest was seen at lower levels.It is forming higher highs – higher lows from past four sessions which indicates overall strength. Now it has to hold above 28,800 to witness momentum towards 29,425 then 30,000 levels while on the downside supports are seen at 28,800 levels.
Global Markets Update
Global markets declined on Friday after China posted its weakest growth in nearly three decades. China Gross domestic product (GDP) expanded 6% in third quarter ended September 2019, compared with 6.2% in the second quarter, official figures showed on Friday. US DJIA and NASDAQ ended at 26770.20 and 8089.54 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 22550.50 and China shanghai composite at 2928.32.
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