Weekly Equity Market Report

 

Market Snippet

  • Nifty witnessed profit booking after three weeks of rally and ended lower at 11472.40.
  • SEBI has directed Religare Finvest (RFL) and Religare Enterprises (REL) to recover loan worth Rs 2,315cr.
  • Zydus Cadila received a final approval from the USFDA for Valsartan and Hydrochlorothiazide tablets.
  • Bandhan Bank received ‘No Objection’ from the Reserve Bank of India for amalgamation of Gruh Finance with the bank.
  • Oil India arm entered into a long-term sale and purchase agreement with Tokyo Gas, CNOOC, Centrica and BPCL arm.
  • RCom and Reliance Jio terminated agreement for sale of specified assets by mutual consent.
  • HCL Tech signs a shared services arrangement with Xerox Corporation.
  • V-Mart Retail opens new stores- one in the state of Uttar Pradesh and one in the state of West Bengal.
  • Fortis Healthcare has appointed Ashutosh Raghuvanshi as MD and CEO of the company with immediate effect.

Weekly Market View

The Nifty50 started the day higher but failed to hold on to the gains seen in the morning and closed lower on Friday. Traders preferred to take money off the table on last day of truncated week after Federal Reserve preferred to hold rate and indicated no rate hikes in 2019.The index closed below psychological 11,500 levels and formed bearish candle on daily charts for the second consecutive session. One can expect downside movement if breaches immediate support mark of 11300.

Weekly Nifty Bank View

Bank Nifty made a new life-time high of 30,008 intraday but witnessed profit booking at higher levels and drifted sharply towards 29,508 zone. It formed Bearish Engulfing candle on daily scale which indicates that supply is visible at higher levels. One can expect downside movement if it breaches the immediate support mark of 29370 and immediate resistance mark is 30100.

Global Markets Update

Global market was traded with negative sentiments after the Federal Reserve signaled that it was unlikely to raise interest rates this year amid worries over slowing economic growth.

US S&P 500 settled at 2800.71.  The German index DAX closed at 11364.17. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 21627.34 and Shanghai composite at 3104.15.

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