Weekly Equity Market Report

Market Snippet

  • Nifty dragged heavily on weekly scale to close at 10746.55.      
  • SPARC received a demand order worth Rs46cr for payment of Service Tax.
  • Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by USFDA for Sevelamer Hydrochloride Tablets.
  • Alembic Pharma’s JV received 2 observations from the USFDA inspection at Karakhadi formulation manufacturing facility.
  • LTHE a wholly owned subsidiary of Larsen and Toubro, has won a mega order from Sonatrach-Algeria.
  • IFCI increased benchmark rates for short term loans by 10 basis points to 9.3%.
  • Tata Power’s solar arm launched residential rooftop solution in Chandigarh.
  • Trident was granted the patent for ‘Air Rich Yarn and Fabric and its method of manufacturing’ by the US Patent and Trademark Office.

Weekly Market View

The Nifty 50 started the week on negative note and throughout the week it remained in negative zone. On weekly chart, Nifty formed a bearish belt hold pattern which indicates that it continue to remain under pressure throughout the week from the highs of 10930. One can expect downside movement if it breaches immediate support mark of 10600 and immediate resistance mark is 10950.

Weekly Nifty Bank View

Like Nifty, Nifty Bank started the week in negative note and throughout the week traded with same note. On weekly as well as daily chart, it formed a bearish candle and drifted towards major support area of 26,625 zones. One can expect downside movement if it breaches immediate support mark of 26625 and immediate resistance mark is 27000.It closed below 8 days EMA which indicates bearish view.

Global Markets Update

Global market was traded with mixed sentiments as traders are waiting for results of a meeting on Friday between the Trump administration’s top two negotiators and Chinese President Xi Jinping in Beijing. US S&P 500 settled at 2775.60.  The German index DAX closed at 11299.80. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 20900.63 and Shanghai composite at 2682.39. 

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