- Nifty fut traded lower forming bearish hammer on candle on weekly chart to close at 12079.00.
- PVR, India’s leading multiplex chain is leading the race to acquire Wave Cinemas.
- Laurus Labs received the USFDA approval for Metformin Hydrochloride tablets, which are used for treatment of diabetes.
- RITES emerge as successful bidder for supply of locomotives, coaches worth Rs 680 crore.
- Hero MotoCorp launches BS-VI Splendor+, price starting Rs 59,600
- Zydus Cadila launches a fast tracked programme to develop vaccine for the novel coronavirus, 2019-nCoV (COVID-19).
- Lupin launches bacterial conjunctivitis drug Moxifloxacin Ophthalmic solution.
- Infosys partners with GE Appliances to enable digital and workplace transformation.
Weekly Market View
The Nifty failed to hold on to 12,100 levels amid volatility and closed lower on February 20, the last day of the truncated week, after increase in oil prices.Global cues were mixed but the key things to watch out for would be the impact and progress of coronavirus, though the infected cases have been declining and several factories have resumed work in China. Momentum on the upside shall pick up on a strong close above 12,260 levels.
Weekly Nifty Bank View
Bank Nifty opened negative but managed to recover from lower levels and extend gains towards 31,100 levels. It relatively outperformed the benchmark index and formed higher highs and higher lows for the past two trading sessions. The index closed at 30,938.70. It formed a small-bodied candle on both daily and weekly scales with a long lower shadow, which suggests the emergence of buying interest from lower levels.
Global Markets Update
Most shares in Europe and Asia declined on Thursday despite a slowdown in the spread of the coronavirus in mainland China. China cut the loan prime rate on Thursday. The 1-year LPR was reduced by 10 basis points, while the 5-year LPR saw a 5 basis points deduction. In US, the S&P 500 and Nasdaq finished at all-time highs on Wednesday as investors were encouraged by comments from the Federal Reserve and measures China says it has taken to help coronavirus-stricken businesses.
(Click to submit your details) Just one step to get best trading tips and Recommendation.