- Market Snippet
- Market end higher for the third consecutive week on BJP’s win in Gujarat and Himachal elections; Nifty ends above 10500 mark.
- K E C International merged with SAE Towers Holdings LLC effective from 29 September 2017.
- Hindustan Unilever has ventured to sell Premium Tea through its own portal; stepping into the e-commerce business in India.
- Reddy’s Labs gets US FDA nod for Valganciclovir Hydrochloride tablets (an antiviral used to treat cytomegalovirus infection).
- Cadila Healthcare has received US FDA nod for Metronidazole (250-500 mg) tablets (used to treat pelvic inflammatory disease, endocarditis).
- Wipro has announced a partnership with San-Francisco-based Headspin Inc to offer quality engineering and testing solutions on global mobile networks.
- Tata Steel board has approved raising Rs 12,800 crore through a rights issue to finance organic and inorganic growth plans.
Weekly Market View
Nifty traded higher backed by BJP’s win in Gujarat and Himachal Pradesh state assembly elections which boosted the sentiments across all the broader markets. Nifty formed bullish engulfing pattern formation on weekly chart and remained bullish for most of the trading sessions of the week. Nifty ended at record highs at 10505.40. Nifty looks bullish on charts ahead too however a healthy bull market correction may be seen if it closes below the level of 10350 and may test the support level of 10150.
Weekly Nifty Bank View
Nifty Bank too traded in line with nifty 50 and ended with bullish hammer candle formation on weekly charts. Government recapitalization plan is soon expected to get finalize which continue to keep the banking stocks higher. The nifty bank ended at 25666.40.It looks bullish for coming trade sessions too and 24850 may provide good support whereas 26200 is a good resistance level for the banking index.
Global Markets Update
World markets traded mixed before the long holiday ahead of Christmas. The higher GDP growth in the US in last quarter kept the markets higher in last trading session of the week.US S&P 500 ended at 2683.34.The German traded lower to close at 13072.79 forming bearish engulfing pattern formation on the weekly chart. Asian peers too traded mixed following the global economic development with Nikeei 225 ending at 22902.76 a Shanghai composite closed at 3283.57.
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