- Nifty surged higher forming bullish hammer candle on weekly chart to close at 10917.05.
- Adani Green Energy awarded 150 MWac solar power project to its wholly-owned subsidiaries.
- NTPC arm’s 250MW thermal power project in Bihar started its operations with effect from February 20.
- HG Infra in its press note to the exchanges informed on Monday that the company has emerged as the lowest bidder for the new HAM project under NHAI.
- Bharat Electronics has received export orders valued about USD 33 Million from Elbit Systems Electro- Optics Elop.
- DHFL sinks 8% after ICRA downgrades commercial paper programme.
- Raipur SMART City (RSCL) has appointed NBCC (India) as their executing agency for the various infrastructure works.
- Panacea Biotec’S board has approved rising up to Rs 864 crore for one-time settlement with its lenders and other purposes.
Weekly Market View
The Nifty50 rebounded sharply on Friday, the first day of March series, on ease of geopolitical tensions between India & Pakistan. Global rally on likely US-China trade deal also bolstered the positive sentiment. Technically Nifty 50 managed to hold above 10850 mark amid consolidation and formed a strong bullish candle on daily chart. One can expect upside movement if it crosses immediate resistance mark of 11000 and immediate support mark is 10800.
Weekly Nifty Bank View
On Friday, Nifty Bank opened positive to extent it gains towards 27,100 zones and managed to close above its crucial level of 27,000 mark. On daily chart, it formed a strong bullish candle and closed above 8 days exponential moving average which indiacte bullish trend. One can expect upside movement if it crosses resistance mark of 27500 and immediate support mark is 27000.
Global Markets Update
Global market was traded with positive sentiments led by India-Pakistan confrontation, stalemate over US-China trade talks and lack of progress at US President Donald Trump’s second meeting with North Korea Supreme Leader Kim Jong Un.
US S&P 500 settled at 2803.69. The German index DAX closed at 11601.68. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 21828 and Shanghai composite at 3027.98.
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