- Market Snippet
- Markets ends on flat zone while gains seen in Nifty on the last day of week as investors cheer Moody’s ratings upgrade.
- Ashok Leyland to acquire 4.7% stake in HLF from Everstone Group.
- PVR soars by 3% on plans to acquire stake in US Company.
- Cox & Kings rises by 4% on report to list education tour operations.
- Bank of Baroda to consider raising up to Rs 6,000 Cr through a QIP, Rights Issue on Nov. 21.
- Cipla gains as receives approval for Generic Pulmicort Respules.
- Petronet LNG and ICICI Lombard to gain as RBI increases FPI invest limit.
- JSW Energy to be out of F&O from February series.
- FMCG stocks gains as the Union Cabinet has approved setting up of the proposed National Anti-profiteering Authority.
Weekly Market View
Nifty traded lower for the second week continuously to end lower on charts on account of profit booking and remained lower for most of the trading session of the week. Nifty showed recovery after global rating agency Moody’s Investors Service upgraded India’s sovereign rating to Baa2 from Baa3 and changed the outlook to stable from positive. Nifty looks bullish on charts and may witness buying action if closes above the resistance level of 10400 whereas the selling pressure may continue if it holds closing below the support of 10200.
Weekly Nifty Bank View
Nifty Bank traded higher as the positive impact of capitalization continue to keep the banking stocks lifted moreover the rating upgrade by Moody’s for sovereign bond rating of India form Baa3 to Baa2 also keep the banking stock on buying radar. Nifty bank looks bullish on charts for coming trading week too. The immediate support and resistance for the banking index is at 25500 and 25975 respectively.
Global Markets Update
World markets traded mixed in last week’s trading as the concern over the US tax reforms remained alive after as the focus turned to a Senate battle over its rival bill and worries about whether the House and Senate will ever agree on a compromise. S&P 500 ended the session to close at 2578.85.The German DAX also ended in red at 12993.73.The Asian counterparts also headed southwards following the global cues with Nikkei 225 closing the weekly bell at 22396.80 and Shanghai composite at 3382.91 respectively.
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