Market Snippet

  • Nifty slipped in last week’s trading and settled at 10785.95.
  • Ratnamani Metals and Tubes has received new domestic order aggregating to approximately Rs 200 crore for supply of Coated CS Pipes for Oil & Gas Sector to be completed by October, 201
  • Rallis India board approved the merger of its wholly owned arm Metahelix Life Sciences with self.
  • Sebi rejected Larsen & Toubro’s Rs 9,000cr share buyback plan, citing compliance issues over its post-buyback debt-equity ratio.
  • MOIL signed a MoU with the Gujarat Mineral Development to take up joint exploration of manganese bearing area and to conduct mining operations in Gujarat.
  • Lupin has received the US health regulator’s approval to market its Levothyroxine Sodium tablets USP.
  • LIC completed the acquis ition of 51% controlling stake in IDBI Bank making it the majority shareholder of the bank.

Weekly Market View

Nifty 50 started the week with positive sentiments and throughout the week traded with negative sentiments. On Friday, Nifty 50 erased all its morning gains and ended lower on Friday with Nifty finished below 10,800 level.On daily charts, Nifty 50 formulated bearish candle and gave closing below 8 days EMA which indicates bearish trend. One can expect downside movement if it breaches immediate support mark of 10900 and immediate resistance mark is 10900.

  

Weekly Nifty Bank View

Nifty Bank started the week on flat and throughout the week traded with negative sentiments and ended the week with same note. On weekly chart, bearish engulfing pattern is formulated which indicates that bears overpower bulls. One can expect downside movement if it breaches immediate support mark of 27000 and immediate resistance mark is 27650.

Global Markets Update

Global market was traded with mixed sentiments as investors digested a tide of corporate earnings while monitoring US-China trade talks and a long-running US government shutdown, all amid worries over the health of the global economy.

US S&P 500 settled at 2642.33.  The German index DAX closed at 11280.62. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 20773.56 and Shanghai composite at 2601.72

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