- Nifty surged higher on weekly scale forming bullish harami candle and closed at 10914.00.
- MRF has signed a Memorandum of Understanding with Government of Tamil Nadu in connection with Global Investors Meet [GIM].
- Emami acquired German personal care brand Creme 21 for an undisclosed amount.
- USFDA completes inspection, raises 6 observations for Lupin’s Pithampur Unit-2 (Indore) facility
- Zydus Wellness receives Competition Commission of India’s approval for an acquisition of Heinz India jointly with Cadila Healthcare.
- Mahindra & Mahindra has partnered with Greaves Cotton to source BS-VI emission norms compliant powertrain solutions.
- Strides Pharma Global has approved the sale of its entire Australian business (including Arrow).
- Asian Paints started commercial production of its Andhra Pradesh paint factory from Jan 29.
Weekly Market View
The Nifty50 trimmed its gains amid volatility and closed last session of the week higher on Friday after the government maintained its fiscal discipline, and provided stimulus to farmers and tax payers through several schemes in its last Budget. On daily charts, it formed a bullish candle which resembles a shooting star pattern. One can expect upside movement if it crosses immediate resistance mark of 11025 and immediate support mark is 10700.
Weekly Nifty Bank View
Unlike Nifty, Nifty Bank remained under pressure as it failed to hold above 27500 zones and drifted towards 27000 zones. It formed a bearish candle on daily charts and a Long Legged Doji on weekly scale which indicates profit booking at higher zones. One can expect upside movement if it crosses immediate resistance level of 27550 and immediate support level is 26900.
Global Markets Update
Global market was traded with mixed sentiments as market participants monitored a flurry of corporate results and key economic reports. US S&P 500 settled at 2706.53. The German index DAX closed at 11180.66. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 20788.39 and Shanghai composite at 2618.23.
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