- Market snaps two weeks of losing streak; Nifty closed above 10350 mark.
- Idea shares gains after announces plans to enhance 4G network.
- Cadila’s shares moved higher after arm gets USFDA’s approval to market tablets.
- Siemens Q4FY17 standalone net profit declines 74.1% yoy.
- Edelweiss Financial surges 3% following fund raising via QIP route.
- Bharti Airtel expresses interest in RCom assets.
- Biocon shines on launching KRABEVA for treating cancer.
- Yes Bank has been included in the MSCI All Country World Index (ACWI).
- Indian Bank has received SEBI approval to raise funds.
- CG Power has bagged an order worth Rs111cr from Indian Railways.
- Gujarat Pipavav Port surges 5% as HSBC upgrades rating.
Weekly Market View
Nifty traded higher after two continuous weeks of fall justifying hammer candle formation on weekly chart although it remained mostly range bound throughout the week but the strength in global economy and buying by domestic institutional investors driving the market gradually higher. It formed bullish engulfing pattern formation on charts to end at. The next key support and resistance for the market is at 10250 and 10530.
Weekly Nifty Bank View
Nifty Bank too traded higher hitting the new life time high of 26200 in last week’s trading and ended with dozi candle formation on weekly chart. It looks bullish for coming trading session too and a successful close above the resistance level of 25975 may take banking index to test the life time high once. However a healthy bull market correction is expected below the close of 25650 to test the support of 25250.
Global Markets Update
World markets traded higher as the evidence of strength of in global economy boosted the sentiments in equities all around the globe. The US S&P 500 ended higher to close at 2597.08.The German DAX also witnessed bounce back after starting weak and ended higher to close on Friday at 13012.The Asian peers traded mixed though and went into consolidation phase after hitting decades high with Nikkei 225 form Japan ending the Friday’s bell at 22550.85 and Shanghai composite closing at 3353.82.
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