- Nifty fut settled higher forming dozi sort of candle on weekly scale to close at 11945.35.
- HCL Technologies launches a dedicated Google Cloud Business Unit to accelerate enterprise cloud adoption.
- DLF makes payment of interest for NCDs worth Rs 345 crore.
- Dilip Buildcon declared L-1 bidder for the project worth Rs 570 crore by the Airport Authority of India
- KEC International has secured new orders of Rs 1,806 crore across its various businesses.
- Biocon’s Biologics drug products facility in Bengaluru receives EIR from USFDA.
- Torrent Pharma clarified that promoters have not pledged any equity shares they hold in the company for any purpose.
- SPARC enters into a licensing deal with China Medical System Holding
- Wipro launches the Wipro RAPIDS DXP solution suite.
- Sun Pharma and AstraZeneca enter into License Agreement for Novel Oncology products in China.
Weekly Market View
Nifty ended on a flat note at the end of a volatile week. The index consolidated for the week after a strong rally in the previous week. On the weekly chart, a doji pattern has formed which signifies indecisiveness for the near term. In addition, the momentum oscillator, RSI (14) has come out from the overbought zone and currently in a bearish crossover. The immediate resistance mark is 12120 and immediate support mark is 11750.
Weekly Nifty Bank View
Bank Nifty index outperformed the Nifty index by 1%, led by strong gains in share price of ICICI Bank on account of its increased weight in the MSCI index. Technically it gave closing above 8 days exponential moving average which supports bullish view. One can expect upside movement if it crosess immediate resistance mark of 31400 and immediate support mark is 30450.
Global Markets Update
Global markets ended mixed amid uncertainty about the fate of the trade negotiations between the United States and China. Worries the pact could fall apart are now prompting some investors to sell heading into the weekend. US DJIA and NASDAQ ended at 27674.80 and 8434.52 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 23391.87 and China shanghai composite at 2964.18.
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