Markets for the week ended with loses of 0.7% after Friday’s recovery failed to extend beyond 17235 while Bank Nifty managed to post weekly closing in the positive terrain. Weekly candles for both Nifty and Bank Nifty were in the green, thus making the formation of a similar bullish side-by-side white line. The key feature of Friday’s upmove was the Nifty 50 index gaining by 1% while broader markets ended flat.
This led to the spread of the Nifty 50- Nifty 500 Index surging by 86 pts to 2370. The weekly chart of the spread indicates a major breakout at 2420 with a potential target of 3200 which ensures that the next rally would be driven by Nifty 50 stocks and may provide the necessary push to help Nifty reach the target of 19867.
The parallel channel breakout in the Nifty 50 Equal weight index also indicates that the market has re-tested major support and is poised for a major upmove in the coming days.
Key Results today– PVR, ACC, Tata Coffee, Bank of Maharashtra
Nifty 50- Nifty 500 Spread
Stocks To Watch
- HDFC Bank 13-qtr NII Growth YoY, NIM Improves For 1st Time In 8 Qtrs
- Bajaj Auto Earnings In-line, Domestic Motorcycle Market Share At 20.7%
- ICICI PRU Q2 In-line With Estimates, VNB Margin Up 510 bps YoY
- Coal India Coal Minister Says, Govt’s Plan Is to Up Prodn & Stop Coal Imports
- Spicejet – Reports Say Co May Induct 7 Boeing 737 Max On Wet Lease In 2 Mths
- Shriram Transport Denies Reports of Interest In Acquiring IDBI Bank
- Just Dial Quarterly Rev Crosses Rs 200 Cr, EBITDA Improves Over 2 Qtrs
- Ganesh Hsg Profit Up 27%, EBITDA At 78.7 Cr Vs Rs 29.2 Cr YoY
- Zee Ent Shareholders Approve Merger With Sony Pictures
- Olectra gets better if awarded for additional 50 busses from Gujarat Gov
- Birla Corp Successful bidder for Marki Barka Coal Mines in Madhya Pradesh
Negative Read Thorugh:
- ONGC, RIL Export Duty On Petrol, Diesel & ATF Have Been Increased
- Butterfly Gandhimathi Profit Down 1.3%, Margin Falls 60 bps YoY
- Avenue Super Ebitda Misses Estimates, Profit Led by Tax Write-back
- Tata Elxsi CC rev up 4.7% vs Avg of 7% over 4 qtrs, Margin slips 310 bps
- ZF Steering Profit slips 5%, EBITDA rises 36% & margin is down 60 bps YoY
- Oberoi Pre-sales at 3-qtr High, Lease Income Down 2%, Debt Rises
- L&T Info Margin Slips 25 bps, $ Revenue Growth At 3.6% Vs expected Of 2.6%
- Tata Power Faced Cyber Attack on Its IT Infra; Have Been restored’
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