- Nifty fut surged higher forming bullish hammer on weekly scale to close at 12293.50.
- NMDC set lump order price at Rs2,800 per tonne; Fines at Rs2,560 per tonne.
- GAIL said no amount is payable to Indian government under internet license, according to a Bloomberg report.
- Tatamotors produce a single unit of its entry-level car Nano in 2019 and it sold just one unit in February
- Biocon has appointed MB Chinappa as the chief financial officer of Biocon Biologics.
- Manappuram Finance Ltd. has successfully raised $300mn by way of senior secured fixed rate notes issuance for a 3-year tenor.
- Ramco Systems informed the exchanges that the company has secured a multi-million-dollar Global Payroll and Workforce Management.
- Tata Steel on Tuesday post-market hours said that it’s subsidiary T S Alloys Ltd has won a licence for a chromite ore mine in Odisha for 50 years.
Weekly Market View
The Nifty witnessed heightened volatility in the week gone by owing to the global cues. The week started on a negative note & the index went down to slip below 12,000 mark. Nevertheless, the Nifty recovered towards the end of the week & even registered a new all-time high of 12,357 on Friday. As a result, the index formed a bullish outside bar for the last week. This shows that the overall trend for the index continues to be strong.
Weekly Nifty Bank View
The Bank Nifty, on the other hand, is likely to outperform the Nifty, where prices have bounced back from the important support level. On daily chart, it is traded above 8 days exponential moving average which indicates bullish movement. One can expect upside movement if it crosses immediate resistance mark of 32350 and immediate support mark is 32000.
Global Markets Update
Shares in Europe were almost flat while Asian shares ended higher on Friday, following the easing of US-Iran tensions, and after US stocks shot to record highs.In US, stocks swept to record highs once again on Thursday as investors focused on progress on the trade pact with China due to be signed next week and amid an easing of concerns about war in the Middle East. S&P 500 settled at 3274.70.The German index DAX settled at 13531.14.
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