Weekly Equity Report and News

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Market Snippet

  • Market ends lower after hitting fresh new high on North Korea threat which drags Nifty below 10,000.
  • NMDC shares tanks as much as on weakening of iron ore.
  • Dena Bank surges by 8% on reports of a merger with Vijaya Bank.
  • Bank of Baroda will be infusing 150 million Euro (Rs 1,166 crore) to set up a UK arm of the company.
  • Bharti Airtel announced that they get shareholders’ nod for Telenor merger.
  • Cox & Kings’ shares tanks unit inks pact with Swiss developer.
  • Adani Power received shareholder’s nod to Mundra plant hive-off plan to the subsidiary.
  • Reliance Capital company’s subsidiary Reliance Home Finance is going to list on Friday.
  • NDTV hits 5% upper circuit on talk of a buyout by SpiceJet’s Ajay Singh.
  • Shares of ITI and Orchid Pharma gains on the back of positive corporate announcements.

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Weekly Market View

Nifty traded lower after hitting a new lifetime high on charts and remained in sell mode for most of the trading session of the week. Nifty formed bearish engulfing pattern formation on the weekly chart and ended the week to close in red at 9982.50.It looks bearish ahead in coming trading session too and may witness more selling pressure if closes below the support level of 9800 to test next immediate support of 9690.However, a close above the lifetime high level of 10188 may trigger buying in the index and may take it to touch the level of 10350.

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Weekly Nifty Bank View

Nifty Bank also traded lower following the Fed decision of holding the interest rate steady and remained under selling pressure for most of the trading session of the week. The nifty bank ended the session to close at 24426.30 forming bearish engulfing pattern formation on the weekly chart. It looks bearish in coming trading session too if closes below the support level of 24350 to test the support level of 23880.

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Global Markets Update
World markets traded mixed and remained flat at the week’s closing amid the Fed’s decision of holding the interest rate steady but gave the hint to increase it further by the end of the year. Fed announced a plan to start shrinking its balance sheet by reducing its holdings of US Treasury bonds and mortgage-backed securities.US S&P 500 ended the week’s trading at 2502.22, DAX ended the week at 12592.35.The Asian peers also had a mixed to positive week with Nikkei 225 ending the week at 20296.45 and Shanghai composite ending at 3352.53.

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