- Nifty starts the May series strong with closing above its major resistance at 10692.30
- TCS declared 1:1 bonus issue along with fourth-quarter results.
- Info Edge Limited invests Rs3 crore in marketplace firm Bizcrum Infotech.
- Coal India looking for 41.5 million tons forward coal auctions in the current financial year.
- SJVN Limited signs accord with power ministry and aims to achieve 9,200 million units in financial year 2019.
- Shilpi Cables got an extension of 90 days for corporate insolvency resolution.
- State Bank of India will issue and encash electoral bonds through its 11 authorized branches from May 1-10.
- Wipro Limited to sell hosted data center service operations for $450millionn to Ensono.
- Indus Towers & Bharti Infratel merge to create world’s 2nd largest tower firm.
Weekly Market View
Nifty traded bullish forming strong bullish candle on weekly chart with 5 consecutive positive closes and settled the week at 10723.90. Nifty remained in buy mode for most of the trading session of the week and looks bullish ahead too. Nifty if closes above the resistance level of 10750 then further buying may take the bourses to test the resistance of 10850. However a correction might be seen if closes below the support level of 10550.
Weekly Nifty Bank View
Nifty Bank price action is bullish though disappointing while taking support of its 8 exponential moving average and remained steady since last 2 consecutive days. Nifty bank settled at 25468. Nifty bank looks bullish on charts ahead and if closes above the resistance level of 25480 then buying may result to test 25780.
Global Markets Update
World stock markets rose, lifted by strong share price gains for tech giants and growing hopes of a lasting pace on the Korean peninsula after a ground breaking meeting of North and South Korean leaders.US S&P 500 ended higher with gain at 2666.94.German index DAX too closed the bell with marginal gain at 12599.20. The Asian peers too witnessed the buying with Nikkei 225 falling on weekly chart to settle at 22467.87 and Shanghais Composite at 3082.23.
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