- Nifty fut continues to trade lower for the fifth week too and settled at 11024.05.
- Tata Steel acquired 2.58 crore rights equity shares of Tata Sponge Iron at Rs 500 per share aggregating to Rs 1292.2 crore.
- Cadila received Form 483 with zero observations from USFDA for its API manufacturing facility at Ankleshwar.
- Granules India’s Bonthapally facility at Hyderabad, Telangana completed the USFDA inspection with one 483 observations.
- NHPC’s Resolution Plan for its Lanco Testa Hydro Project has been approved by Hyderabad’s NCLT bench.
- Strides Pharma arm entered JV with China’s Sihuan Pharma.
- IOC has made alternate arrangements for sourcing oil to maintain supplies after US sanctions on Iran.
- Jindal Steel & Power has successfully executed the first-ever rail order to Indian Railways on 29th July 2019.
Weekly Market View
The Nifty50 fell sharply to break 10,900 level, but the recovery in later part helped the index close moderately higher on August 2. The index closed a tad below psychological 11,000 level and formed a bullish candle, which resembles a High Wave kind of pattern on daily charts, but there was a bearish candle formation on weekly scale for fourth consecutive week. The index lost 2.5 percent for the week.
Weekly Nifty Bank View
The Bank Nifty continued its formation of lower highs-lower lows on daily scale from past four trading sessions and it failed to hold above 28,685 level. The index formed a Doji Candle on daily scale but bearish candle on weekly scale as overall trend is under pressure. Now it has to hold above 28,250 zone to witness a bounce towards 28,555 zone, while a hold below the same could drag it towards its swing low of 27,900 then 27,500 levels.
Global Markets Update
Global markets edged lower after a surprise tariff announcement from the United States escalated trade tensions between Washington and Beijing.
US DJIA and NASDAQ ended at 26485.01 and 8004.07 respectively. Asian peers also remained in flat mode and ended with Nikkei 225 closing at 21067.77 and China shanghai composite at 2867.84.
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