Weekly Equity Market Report

Market Snippet

  • Nifty fut traded lower for the second week forming bearish engulfing candle on weekly scale to close at 11838.05.
  • RBI imposed a penalty on Kotak Mahindra Bank for Rs2cr for deficiencies in regulatory compliance.
  • DHFL completed the sale of a full stake in Aadhaar Housing Finance to Blackstone.
  • Bharti Airtel to pay Tanzanian government $26.2mn settle ownership dispute.
  • ITC to invest Rs 20,000 cr in India, FMCG, Paper and Backend Operations.
  • Reliance Industries and BP sanctioned the third phase of integrated KG-D6 development.
  • V-Mart Retail opens new store: The Company has opened a new store in the state of Uttar Pradesh.
  • NMDC fell more than 5 percent as company’s operations in Chhattisgarh mines have been shut for past couple of days.
  • Adani Ports has suspended its vessel operation at Tuna and Mundra port from June 12-13.

 

Weekly Market View

Nifty50 registered a bearish candle on daily as well as on weekly charts thereby negating the impact of ‘Hammer’ formation on June 13. Moreover, trading range of last couple of weeks remained narrower with current week witnessing a range of 203 points. Now till index holds below 11,900 zone it could extend its weakness towards lower band of the support at 11,600 then a fresh decline towards 11,450 levels while on the upside immediate hurdles are seen at 12,118.

Weekly Nifty Bank View

Bank Nifty failed to surpass previous day’s high and declined nearly 400 points to close near its lower band of the trading range near 30,600 zone. It was down 361.75 points at 30,614.35 and formed a bearish candle on daily as well as on weekly scale which suggests bears are holding tight grip at higher zones.Now till it holds below 31,000 zone, it could extend its weakness towards 30,250 then 30,000 zones while on the upside hurdles are seen at 31,000 then 31,313 zones.

Global Markets Update

Global markets remained steady after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked U.S.-Iran tensions and raised concerns over supply flows through one of the world’s main sea lanes.US DJIA and NASDAQ ended at 26089.61 and 7796.66 respectively. Asian peers also remained in buy mode and ended higher with Nikkei 225 closing at 21101.50 and China shanghai composite at 2881.97.

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