Weekly Equity Market Report

Market Snippet

    • Nifty fut surged higher for the second week consecutively to close at 12129.65.
    • Wipro bagged multi-year strategic IT deal from Marelli.
    • BEML Unveils Latest Products at DEFEXPO 2020.
    • Dr Reddy’s Laboratories announced the launch of Trientine Hydrochloride Capsules USP, 250 mg
    • State Bank of India announced a 5 basis points reduction in its MCLR across tenors.
    • Tata Global Beverage has changed its name to Tata Consumer effective from February 10.
    • Sun Pharma Advanced received complete response letter for Taclantis from USFDA
    • SBI and ICICI Bank have filed proceedings against Mercator under the Insolvency Act to recover the dues.
    • Aurobindo Pharma completed the acquisition of certain business assets of Profectus BioSciences.
    • PNC Infratech bags a hybrid annuity highway project worth Rs 2,052 crore in Uttar Pradesh.

Weekly Market View

On February 14, Nifty50 ended lower for the second consecutive day. Indices were volatile throughout the day but managed to recover some ground at the end of the session.The index managed to close above 12,100 and formed a bearish candle on the daily scale, while it formed a doji candle on the weekly scale.The market remained in a consolidation phase in this week and may see ongoing optimism with a consolidative move towards 12,250 zones.Weekly Nifty Bank View

Bank Nifty witnessed profit booking in the last two trading sessions as it failed to surpass the immediate hurdle of 31650 zones and corrected by around 800 points in the last two trading sessions.It formed a Bearish candle on daily as well as on the weekly scale and drifted below its 50 DEMA. It underperformed the Nifty index and got stuck in a broader trading range with a limited upside.Global Markets Update

European markets were trading mostly higher while most Asian stocks ended mixed on Friday as investors turned cautious following a surge in cases of a new virus in China.

IMF spokesperson Gerry Rice has reportedly said that the organization remained confident in the resilience of China’s economy, adding that the country “has the resources and the resolve to meet this challenge.”

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