Weekly Equity Market Update
- Market dips and posted their biggest weekly drop since mid-August; Nifty settled below 10200 mark.
- Tata Motors domestic sales up 58 perecent in November 2017.
- Dr Reddy’s gets first cycle nod for psoriasis treatment cream.
- M&M posts 18% increase in November auto sales, tractor sales beat estimates.
- Biocon gains 3% after EMA accepts co’s mktg authorisation application for cancer drug.
- Ashok Leyland November sales beat estimates, increase smartly by 51% on strong MHCV growth.
- Bajaj Auto sales figure of Nov up 21% to 1,41,948 units in November, 2017 from 1,39,765 units.
- TVS Motor Company registered a sales growth of 12% to 251,965 units in the month of November 2017.
- Allahabad Bank has set a medium term target to sell its 30% stake at Universal Sompo General Insurance Company.
Weekly Market View
Nifty started the week on bearish note staying in sell mode for most of the trading sessions of the week to end in red at 10154.25. The expanded fiscal deficit data which rose to 96% of targeted budget of FY18 also hit the sentiments although the GDP data of last quarter came in line with market expectation. Nifty looks bearish in coming trade session on charts and the level of 10000 must act as critical support for the market with 10300 being the resistance level for coming trade sessions.
Weekly Nifty Bank View
Nifty Bank also traded lower followed by uncertain candle, dozi, formation on weekly chart. It remained lower for most of the trading session of the week and ended in red at 25259.60. It looks bearish in coming trade session too and the level of 25000 may provide good support area to the banking index to pose the selling pressure, however 25650 may act as immediate resistance.
Global Markets Update
World markets had a mixed trading last week with S&P 500 traded higher on tax reforms hopes but another missile test by North Korea put the markets in jeopardy raising the concern of war. S&P 500 ended the week on bullish note at 2642.22.The German index DAX ended the week lower at 12861.49.The Asian equities too traded mixed following the development in geopolitical situation with Nikkei 225 ending the weekly bell at 22819.03 and Shanghai Composite closing lower at 3317.62
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