Market Snippet

  • Nifty fut tanked lower on account of profit booking forming bearish engulfing candle on weekly scale to settle at 12271.15.
  • Wipro Ventures announced $150mn Fund-II to invest in emerging digital enterprise software leaders.
  • Supreme Court dismissed AGR review petitions filed by Bharti Airtel, Vodafone Idea.
  • Shriram Transport Finance completed allotment senior secured notes worth $500 million.
  • Cipla has received the Establishment Inspection Report (EIR), indicating closure of the inspection after USFDA  inspected Patalganga manufacturing facility.
  • NMDC announced a hike of up to Rs 400 per tonne in the prices of lump ore and fines.
  • Cadila Health gets USFDA nod for anti-depression drug, Bupropion Hydrochloride.
  • HCL Tech launches a dedicated microsoft business unit.
  • Power Mech has received letter of award/work orders worth Rs 351 crore from BHEL and Jayprakash Power Ventures.

Weekly Market View

For the week, the Nifty lost 0.8 percent and formed Bearish Engulfing pattern on weekly scale, as current week’s candle body completely engulfed the preceding weeks candle body hinting that this market might have posted a near term top around 12,420 levels. It looks prudent on the part of traders to book profits as Nifty heads closer to 12350 levels and remain neutral as next week is going to be dominated by events.

Weekly Nifty Bank View

Bank Nifty managed to surpass its previous day’s high and extended its gains towards 31,375 levels. The index closed 0.77 percent higher at 31,330.35 and formed a bullish candle on daily scale while Bearish Candle on weekly scale which suggests dips are being bought into; while supply is visible at higher levels. Index bounced back sharply from its crucial support of 31000 and now it needs to hold above 31,500 levels to witness an upmove towards 32350 levels.

Global Markets Update

European shares advanced while most Asian shares ended higher on Friday. Investors continued to monitor the situation surrounding a fast-spreading coronavirus that was first diagnosed less than a month ago.

S&P 500 settled at 3295.47. The German index DAX settled at 13576.68.

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