- Market Snippet
- Nifty traded lower forming bearish hammer on weekly chart to close at 10303.20.
- Zydus Cadila has received the tentative approval from the USFDA to market Linagliptin and Metformin HydrochlorideTablets
- Sun Pharma’s subsidiary Sun Pharma Global FZE has received final USFDA approval for Dofetilide Capsules.
- Larsen & Toubro announced that its heavy engineering arm has secured additional orders worth Rs 1,050 crore.
- Lupin has received a Tentative Approval from USFDA for Lurasidone HCL tablets
- NTPC informed that the company will discontinue operations at its Badarpur Thermal Power Station, New Delhi from Oct. 15
- Axis Bank has raised USD 50 million under the GMTN Programme through its Dubai International Financial Centre branch.
- Aban Offshore acquired 100% interest in UK Continental Shelf Production License and sold 50% interest in the same.
Weekly Market View
Nifty 50 started the session with positive sentiments, hovered with mixed sentiments throughout the week and ended the week on negative note after erasing all gains in previous sessions. Today’s downward move on the Nifty has led to the index breaching the level of 10300 and as a result, sell-off has resumed after a brief relief rally seen last week. One can expect downside movement if it breaches the level of 10150 and immediate resistance mark is 10500.
Weekly Nifty Bank View
Unlike Nifty, Bank Nifty opened on positive note and throughout the week traded with mixed sentiments and ended the week on negative note after erased all gains. Moreover it closed below 8 days exponential moving average which depicts bearish view. One can expected downside movement if it closed below 24700 then it may witness further selling pressure to the next immediate support mark of 24275. The immediate resistance mark is 25400.
Global Markets Update
Global market was traded with negative sentiments as geopolitical fears in Italy along with concerns on interest rate scenario as well as worries in Chinese economy had an adverse impact on US markets.
US S&P 500 settled at 25444.34. The German index DAX closed at 11553.83. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 22532.08 and Shanghai composite at 2550.47.
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