- Nifty surged higher for the third straight week to settle at 10814.65.
- In H1 FY20 in US, Dr Reddy’s expects to launch generic Copaxone.
- Lemon Tree subsidiary received final pre-construction approval for 577 room construction in Mumbai.
- Larsen & Toubro (L&T) will construct an iconic bridge across the river Krishna at Amaravati, Andhra Pradesh.
- Yes Bank is process of aquireing 10% stake in India International Clearing Corporation. The mode of acquisition will be from primary market.
- A license agreement of Page Industries’ with Jockey International Inc. has been extended till 31st December 2040.
- Adani Transmission has received a letter of intent (LoI) of one Intra State Transmission Project in Uttar Pradesh.
- A power purchase agreement signed by Tata Power with GE for 5 MW solar projects.
- Cipla received approval from the US drug regulator for Isoproterenol Hydrochloride injection.
Weekly Market View
Nifty traded higher for the thir straight week on charts after strting the week’s trading on bullish note and settled at 10814.65.Nifty looks bullish ahead too on charts and if crosses the level of 10950 then may touch the life time high 11185.However there is good support of 10630 below which the index may slip to test the next support of 10400.
Weekly Nifty Bank View
Nifty bank had a weak trading week and ended slightly lower to end the trading in red at 26410.55.Nifty bank formed bearish hammer candle formation on daily chart and looks weak for coming trade session.The next immediate support and resistance are at 26200 and 27000 respectively.
Global Markets Update
World markets had mixed trading week as the rate hike signal from US kept the equities market around the globe in stress. However the singpore summit had bullish impact on the markets as the geopolitical situations improved.US S&P 500 settled at 2779.42.The German index DAX closed at 13010.55.The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 22851.75 and Shanghai composite at 3021.90.
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