Weekly Equity Market Report

Market Snippet

  • Nifty fut surged forming bullish candle on weekly chart to close at 11311.70.
  • Bharti Airtel has raised $750 million (about Rs 5,330 crore) from investors based in Asia, Europe and the US through a hybrid financial instrument.
  • Glenmark Pharmaceuticals has received tentative nod from the US health regulator for dimethyl fumarate delayed-release capsules used for treating multiple sclerosis.
  • Sun Pharma Advanced Research receives Orphan Drug Designation from the USFDA for Phenobarbital for the Treatment of Patients with Neonatal Seizures
  • BEML bagged more orders from the Delhi Metro Rail Corporation.
  • Anheuser Busch InBev signs Rs 150 crore agreements with Indian Hotels. It plans to open 15 microbreweries in over five years.
  • Biocon and Mylan launch first Insulin Glargine Biosimilar, Semglee, in Australia.

Weekly Market View

Nifty50 on Friday rose past its 200-day EMA to close above the 11,300 mark and formed an indecisive Spinning Top on the daily chart. It also formed a bullish candle on the weekly chart. The Nifty rebounded as buying was seen at lower levels. It closed above its crucial long term moving averages such as 200-days EMA, and 200-DMA which is a positive sign for the bulls. Buying from lower levels kicked in, validating the “Buy on Dips” Set up for the coming days.

Weekly Nifty Bank View

Nifty Bank started the week with negative sentiments and throughout the week it traded with mixed sentiments. It is moving around 8 days EMA which depicts sideways trend. The coming week is likely to remain volatile as markets would react to Infosys, and Avenue Super mart results followed by microeconomic data such as IIP data as well as inflation numbers.

Global Markets Update

Global markets closed with positive sentiments after US President Donald Trump said he would meet with China’s top trade negotiator, stirring hopes for an agreement, while sterling resumed its climb amid optimism over a possible Brexit deal. US DJIA and NASDAQ ended at 26816.59 and 8057.04 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 21798.87 and China shanghai composite at 2973.66.

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