- Nifty fut traded lower forming bearish hammer on weekly chart to close at 11064.65.
- DHFL may not be able to meet repayments coming up in the immediate future, the company said in a stock exchange filing.
- Strides Pharma Science Received zero form 483 observations by the USFDA on inspection of its Alathur Facility.
- USFDA classified inspection conducted at Torrent Pharma’s Indrad facility in April as Official Action Initiated.
- IRB Infra Developers arm completed concession period of Mumbai Pune project on Aug. 10.
- Hero Cycles aims to manufacture 500,000 electric bicycles by the end of FY22, with most of the line utilisation planned for exports.
- Sun Pharma falls despite strong operational performance, Markets fear sustainability of performance; stock down over 5%.
Weekly Market View
On Friday, the Nifty 50 recouped losses in afternoon trade to close marginally higher amid volatility and formed the Doji pattern on the daily scale. Banks and auto supported the market, but gains were capped by technology, metals and HDFC Group stocks. Global cues were also supportive.The index continued to gain for second consecutive session and closed at 11064.65 For the week, it lost more than half a percent and formed a hammer pattern.
Weekly Nifty Bank View
Bank Nifty continued to consolidate in broader trading range in between 27,550 and 28,500 zones in the last seven trading sessions. The index closed 197.80 points higher at 28,217 and formed a bullish candle on the daily scale. Now it needs to hold and sustain above 28,350 levels to witness a bounce towards 28,685 then 29100 zones, while on the downside supports are seen at 27600 then 27,000 levels.
Global Markets Update
Global markets traded with mixed sentiments as investors remain concerned after US President Donald Trump has said that China is doing very poorly as a result of the trade war.
US DJIA and NASDAQ ended at 25886.01 and 7895.99 respectively. Asian peers also remained in flat mode and ended with Nikkei 225 closing at 203368.85 and China shanghai composite at 2823.82.
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