- Nifty surged higher giving breakout on weekly chart and closed at 11020.
- Berger Paints has signed a shareholders’ agreement with Rock Paint Co for the purpose of setting up of a joint venture company in India.
- JSW Steel reported crude steel production of 4.12 million tonnes for Q1 FY 2018-19.
- Jaiprakash Associates gets Rs 2,850-cr contract from Chenab Valley Power Projects.
- Cadilah Healthcare Limited has received tentative approval from US FDA for Deferasirox tablets for oral suspension.
- Lupin, drug firm got approval from US health regulator for Hydroxychloroquine Sulfate tablets.
- Cipla’s subsidiary has signed an agreement to fully acquire South Africa’s Mirren (Pty) Ltd for a cash consideration of South African Rand 450 million.
- Gayatri Projects declared as L-1 bidder for development of Purvanchal expressway project (Package-I) value at Rs 1483 crore and Package-II value at Rs1276 crore.
Weekly Market View
Nifty started the week in positive terrain and throughout the week traded with same sentiments but at the end of the day nifty manages to stay above 11000 mark. Technically, it is also traded above 8 EMA which supports bullish view. One can expect upside movement if it crosses immediate resistance mark of 11185 and immediate support mark is 10900.
Weekly Nifty Bank View
Like Nifty, Nifty bank had started a week at a positive terrain and traded with same sentiments throughout the week but ended the day on flat to red note. One can expect upside movement if it crosses immediate resistance mark of 27200 and immediate support mark is 26600.
Global Markets Update
World markets had positive trading session peak after US consumer data showed a build-up of inflation pressure that would allow the Fed to raise rates as many as four times this year. US S&P 500 settled at 2798.259. The German index DAX closed at 12520.07.The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 22597.35 and Shanghai composite at 2831.18.
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