- Nifty fut continue to trade higher scoring new life time high and ended on bullish note at 11760.75.
- Wipro signed MoU with IIT Kharagpur for research on 5G Technology and Artificial Intelligence.
- Lupin launched Fluocinonide Ointment. The company had received approval for this drug by the USFDA earlier.
- TVS Motor Company launched the TVS Apache RTR 160 4V in Colombia.
- Havells India started commercial production of air conditioners at its Rajasthan plant.
- Coal India breaches 600 million tonnes mark for the first time in production and off-take for 2018-19.
- Tata Power arm hands over combat management system for the indigenous aircraft carrier to the Indian Navy.
- Reliance Industries’ Jio inks business transfer agreement with Haptik for ~Rs700cr.
- Tata Global Beverages said its Russian arm has been liquidated consequent to the completion of the restructuring.
Weekly Market View
The Nifty50 after opening strong remained range bound on the positive side and extended gains in late trade to close higher after two-day weakness. The Nifty50 formed small bullish candle which resembles a ‘Spinning Top’ kind of formation on daily candlestick chart. One can expect upside movement if it crosses immediate resistance mark of 11835 and immediate support mark is 11500.
Weekly Nifty Bank View
Nifty Bank remained in a small trading range and formed an inside bar or a Bullish Harami pattern on daily scale as it traded inside the trading range of last session. On weekly chart, it formed strong bearish candle. Now it has to continue to hold above 30,300 zone to witness an up move towards 30,625 while support exists at 30000-29750 zones.
Global Markets Update
Global market was traded with positive sentiments as investors watched for more details about a potential trade deal between China and the US.
US S&P 500 settled at 2892.74. The German index DAX closed at 12009.75. The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 21807.50 and Shanghai composite at 3246.57.
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