- Indian shares largely flat; up seventh week in eight; Nifty ends above 9850 mark.
- D-Mart shares hit fresh high of 1019.00 on NSE, M-cap surpasses major companies of Nifty50
- Infy board appoints Nandan Nilekani as non-executive Chairman.
- Bank of India revises saving bank interest rate.
- SREI Infra shares moved higher on the back of upcoming BRNL IPO.
- Alembic Pharma announced that company divests Baddi manufacturing unit.
- Mcleod Russel plans to sell Bhatpara tea estate.
- Sugar stocks gains after the Food minister has asked for Rs 2 per litre hike in ethanol prices.
- Lupin rose after the company announced the launch of generic Seroquel XR tablets in the US.
- Reliance Industries will import 1.6 million tonnes of ethane from the US in the current fiscal to replace natural gas and naphtha as feedstock at its petrochemical plants.
Nifty consolidated on charts in last week’s trading as absence of any major event kept the market in range bound action on weekly charts. Investors remained mostly on sidelines ahead of Jackson Hole gathering of central banks. However nifty reclaimed the mark of 9850 to close at 9873.25.Nifty looks bullish on charts ahead and a close above the resistance level of 9950 may trigger more buying and it may test the resistance of 10150.However an close below the support of 9700 may drag it down to test the support level of 9550.
Nifty Bank too remained in consolidation mode on weekly charts as the news of merger of PSU banks and the meeting of all central banks of major countries at Jackson Hole awaits the outcome. Nifty bank closed 24330.30.It looks bullish on charts as long as it is maintaining the closing above the crucial support level of 23800.
Global Markets Update
World market consolidated in last week’s trading amid the geopolitical tension between US and North Korea and the meeting of central banks in Jackson Hole. Investors also remained unconvinced about US President Donald Trump’s ability to fulfill his economic agenda.US S&P 500 closed the Friday’s trading business at 2343.05.The German counterpart DAX ended the session to shut the bell at 12167.94.The Asian peers also remained mixed at Friday’s close as Nikkei 225 ended in red at 19452.61 and Shanghai Composite closed at 3331.52.
(Click to submit your details) Just one step to get best trading tips and Recommendation