Markets for the week remained range bound with 17500 acting as a resistance while Bank Nifty continues to remain underperformer. Most of uptrend in Nifty 50 in the past 6 months has been contributed by Non-Banking stocks with Bank Nifty still 3% away from Feb 21 highs. There has been strong negative correlation in Bank Nifty and USDINR and we can expect deeper cracks in Bank Nifty as and when USDINR gains above 73.60. For Nifty, crucial support is seen at 17214 while Bank Nifty may see resumption of downtrend below 36151. We can expect wild swings beyond 5% in the coming week as US markets has violated short term support and NYSE Composite has landed near 100 DMA.
Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation. The Dow Jones Industrial Average fell 0.78% to close at 34,607.72 points, while the S&P 500 lost 0.77% to 4,458.58. The Nasdaq Composite dropped 0.87% to 15,115.49.
Stocks in news
S&P Global revises Bharti outlook to Stable from negative. Rating remains unchanged at ‘BBB-‘
Coal India may hike coal prices by 10%-11% to tide over cost push, wage revision
Tata Power, Adani told to submit revised bids for UP Transco
Zomato scraps grocery deliveries for the second time
Ami Organics IPO subscribed 64.54 times on closing day
Godrej Consumer Products expects double-digit growth in FY’22
Moody’s revises JSW Steel’s outlook to positive from stable
India’s fuel demand rose 10.9% YoY in August. Consumption of fuel, a proxy for oil demand, totalled 16 MT
The board of AAI has given approval to privatise 13 airports- the first major asset monetisation exercise by the government as part of the National Monetisation Pipeline.
Commerce minister recommended anti-dumping duty on certain aluminum items from China.
Kotak Bank reduced HL rates by 15 bps to 6.5% ahead of festive season – One of lowest in decade.
Jio-BP announce partnership with BluSmart
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