- Nifty fut maintains to sustain higher on weekly scale and settled at 11916.50.
- Cipla signed an agreement to acquire 26% stake in AMP Solar Power Systems for Rs12.9cr.
- MOIL inked an MoU with the Ministry of Steel for the financial year 2020. The production target of 14.75 lakh tons of manganese ore and capex target of Rs210cr set.
- Pollution Control Board revoked the closure directions on Radico Khaitan ’s Uttar Pradesh plant.
- HDFC sold 6.10% stake in Gruh Finance to meet RBI conditions for Bandhan Bank merger.
- Glenmark Pharmaceuticals receives ANDA approval for Aspirin and extended-release Dipyridamole capsules, 25 mg/200 mg.
- BEML has booked orders worth Rs 1,154 crore & executed orders of Rs 1,368 crore in Q4.
- Ramco Systems has won the Aviation ERP modernization program from Société Calédonienne de Transports Aériens.
Weekly Market View
The Nifty50 traded higher in the morning session and moved close to its record high of 12,039.25. However, all the gains were wiped out after Modi 2.0 cabinet was announced and remained in bears’ control in the second half to close in the red on May 31. Weak global cues amid US-China trade tensions also dented the market sentiment. During the week, the index gained 0.66 percent. Now the next resistance is 12,070 then 12,225 zones while supports are seen at 11,765 and 11550.
Weekly Nifty Bank View
Nifty Bank opened positive and made a new all-time high of 31,783.60, but failed to hold its gains and drifted sharply towards 30,600 zones. The index formed a bearish candle with long lower shadow on the daily scale while ‘Long Legged Candle’ on the weekly scale which suggests a state of confusion at higher band. Now Bank nifty has to hold near to 30970 zones to witness an upmove towards 31,815 then 32,250 levels while major support exists at 30970 then 30,560.
Global Markets Update
Global markets traded negative as investors remained worried over trade tensions between the United States and China. Trump’s unexpected decision to slap a levy on Mexican imports is casting renewed doubt over the prospect of a U.S.-China trade deal.US DJIA and NASDAQ ended at 24815.04 and 7453.15 respectively. Asian peers also remained in sell mode and ended lower with Nikkei 225 closing at 20601.19 and China Shanghai composite at 2898.70.
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